Bitcoin proponent & presidential candidate Javier Milei failed to secure victory in the first round of the election.
As per a report by Bloomberg, Javier Milei trailed with just over 30% of the vote from Massa who led with over 36% support. In Argentina’s presidential election a candidate is required to get 45% of votes or 40% with a lead of 10 percentage points to secure a win in the Presidential election race but here Javier failed.
This election result is very disappointing because no one was expecting it. Before this phase of the election, Javier succeeded in securing 30% of the vote in the country’s primary presidential election in August and he was at the top of the list of all candidates. At the time, the majority of the people were expecting that Javier would win the presidential race.
During the US presidential campaign program, Javier called himself an anarcho-capitalist, showing his strong will to slash the size of the government.
At the time he slammed Argentina’s central bank claiming it was a scam.
The Bitcoin-friendly Presidential candidate was also planning to ditch the Argentinian peso for the U.S. dollar, just like Bitcoin friendly country El Salvador uses the U.S. dollar.
In the past, Javier called Bitcoin “a reaction element against central bank scammers” and claimed fiat currency allows politicians to scam Argentines with inflation.
Argentina, inflation, & Bitcoin
For the last several years, Argentina’s economy has been facing huge inflation, which can be seen in the value of Argentina’s sovereign fiat currency, the Argentine Peso, against the US dollar. This year the inflation rate has already surged 150% in this country.
To fight against the plunging national fiat currency’s value, the majority of people purchase Bitcoin & US dollar-pegged stablecoins.
In July of this year, we reported that an Argentine politician Carlos Maslatón suggested that Argentina’s government consider adopting Bitcoin to fight against the surging inflation rates.
Read also: Binance to wind down Visa crypto card services
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