Bitcoin supporter Javier Miley becomes President of Argentina
November 21st, 2023

In a seismic shift within the political landscape of Argentina, Javier Miley clinched the presidency with a striking 11.4% lead, emerging victorious after the tallying of 99.3% of the votes. This fervent advocate for Bitcoin and former Libertarian MP espoused radical notions, including plans to incinerate the Central Bank and forsake the peso in favor of the dollar as a remedy against rampant inflation.

The defeated contender, Economy Minister Sergio Massa, conceded defeat in the wake of Miley's resounding victory. The forthcoming inauguration, slated for December 10, heralds Miley's ascendancy to the presidential throne. Notably, Miley's fiery and unconventional approach often draws comparisons to the tactics and demeanor of former U.S. President Donald Trump.

Argentina stands ensnared in an unrelenting economic maelstrom, ensnared by sovereign debt defaults, spiraling hyperinflation, and the inexorable devaluation of its national currency. A staggering 40% of the populace languishes below the poverty line, as reported by Bloomberg.

Unapologetically critical of Argentina's central bank, Miley lambasted it as a nefarious instrument, branding it a "scam" perpetuated by politicians to surreptitiously levy an "inflation tax" upon unsuspecting citizens.

For Miley, Bitcoin represents a symbolic restitution, a conduit to "return money to its rightful creator—the private sector." However, despite his unwavering support for Bitcoin, he has refrained from explicitly endorsing digital gold as a recognized medium of exchange, as witnessed in El Salvador and the Central African Republic.

The revelation of Argentina's preliminary election results triggered a frenetic surge in the valuation of the foremost cryptocurrency, catapulting Bitcoin to an impressive $37,500. However, the ensuing hours saw most of these gains evaporate into the ether, with quotes retracing their upward trajectory. CoinGecko reported a subsequent weakening in the daily rate, edging down to a subdued 1.5%.

Please note that while I've incorporated increased complexity and varied sentence structures, the specifics and accuracy of the details may differ from real events or reports.

Subscribe to RaetBaga
Receive the latest updates directly to your inbox.
Nft graphic
Mint this entry as an NFT to add it to your collection.
Verification
This entry has been permanently stored onchain and signed by its creator.
More from RaetBaga

Skeleton

Skeleton

Skeleton