Bitcoin-candidate continues to lead Argentinian election poll
Last Updated on 6 November 2023 by CryptoTips.eu
Mid-August, Bitcoin rose to a record high in Argentina after the first round of presidential elections (in which parties mainly present their candidates) resulted in a surprise victory for right-wing populist and Bitcoin fan Javier Milei.
Three weeks later, the largest digital currency continues to trade around the same level as it becomes clear that Milei continues to dominate the current election polls. Will we see a Bitcoin-friendly president in a major South American country in October? It’s quite possible.
#Argentina inflation predicted to reach 200% by end of the year. ~ JP Morgan Chase
— ₿itcoin Xoe 🇭🇹 (@Bitcoin_Xoe) September 3, 2023
When the public steals, it's called theft.
When the state steals, it's called currency devaluation.
If you haven't started studying #Bitcoin, you should start now! pic.twitter.com/6tKEokQPLf
Inflatie
Milei promised radical reforms if he wins the elections in October. He plans to abolish the central bank, replace the Argentine Peso with the US dollar and he is a big fan of Bitcoin, which more and more Argentinians are using to combat super-high inflation in their country.
The Financial Times showed in an overview piece this Monday that Milei can certainly win in October, even though they claim it was unclear how the central bank would be abolished.
In an interview with US business website The Street, Latin America expert Mauricio Di Bartolomeo said last week:
The Argentine Central Bank and the Minister of Finance, they haven’t necessarily been the friendliest towards Bitcoin and crypto.
There’s this narrative in Argentina that the regulator of today, the incumbents, have it out for Bitcoin, because it enables people to effectively move away from pesos and into dollars or into crypto. And so my understanding from the people I’ve spoken with is that the current government is not the biggest supporter of Bitcoin and crypto.
Years ago, we journeyed through Argentina, whispering warnings of impending hyperinflation and urging the embrace of #Bitcoin. Today, as Bitcoin reaches unprecedented heights in pesos, it's not just a currency, but a lifeline. The specter of global hyperinflation looms,… pic.twitter.com/t9fXP4SHce
— Asaf Givoli (@AsafGivoli) September 4, 2023
I think that people in Argentina have been facing hyperinflation now for many months – many years, and they have found solutions in Bitcoin. So, if a person is supporting the thing that has benefited them, you have an incentive to say: ‘This guy gets me.”
At the time of writing, Bitcoin is trading at around 9 million pesos in Argentina, up some 200% from the beginning of the year. Inflation in the country is already higher than 100%.
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