SNEAK PEEK
- Pro-Bitcoin Milei leads Argentina’s election with calls to abolish the central bank and embrace crypto.
- Milei’s Bitcoin advocacy resonates with voters seeking unconventional economic solutions.
- Milei’s surprising lead reflects a hunger for change and a potential impact on Argentina’s future.
According to recent reports, pro-Bitcoin candidate Javier Milei has emerged as the front-runner in Argentina’s primary presidential election. With 84% of the vote counted, Milei, representing the “La Libertad Avanza” (Freedom Advances) party, secured 30.73% of the votes, surpassing candidates from “Juntos por el Cambio” (Together for Change) and “Unidos por la Patria” (United for the Homeland) parties, who received 28.14% and 26.84% respectively.
Milei’s libertarian stance has garnered attention due to his calls to abolish the central bank and his favourable view of Bitcoin. He has criticized the central bank as a means for politicians to exploit the public through inflationary taxation, describing it as a “scam.” Moreover, Milei believes that Bitcoin can potentially return money to its original creator, the private sector.
Interestingly, while Milei is known for his pro-Bitcoin sentiments, he has not endorsed using cryptocurrency as legal tender within Argentina, unlike El Salvador’s approach. Instead, he advocates for a “dollarization” of the economy, which could address the country’s triple-digit inflation rate.
With none of the candidates likely to secure more than 45% of the votes, a general election is scheduled for October among the winners of each party. A final runoff vote will occur in November if no candidate reaches the 45% threshold in the second round.
The current state of the cryptocurrency market sees Bitcoin trading at $29,381.07, according to CoinMarketCap. In the past 24 hours, a trading volume of $10,640,154,326 has been recorded.
Despite its dominance in the market, Bitcoin has seen a slight decrease of 0.01% in the last 24 hours. As per CoinMarketCap, Bitcoin continues to hold its top rank with a staggering market capitalization of $571,663,798,255. Currently, there are 19,456,875 BTC coins in circulation, edging closer to its maximum supply limit of 21,000,000 BTC coins.
