Argentinian Politician Leading Presidential Primary Elections with Support for Bitcoin
An Argentine politician who is a strong advocate for Bitcoin (BTC) and has called for the abolishment of the country’s central bank is currently leading in the country’s presidential open primary elections. Javier Milei, a libertarian pro-Bitcoin candidate, has emerged as the frontrunner with nearly 32% of the vote, according to Bloomberg data.
With over 90% of the votes counted, Milei’s Liberty Advances coalition has taken the lead, followed closely by the conservative Together for Change party with just under 30% of the vote. Meanwhile, the left-wing Union for the Homeland coalition, which is the incumbent government’s group, is currently in third place with just over 28.5% of the vote.
Milei founded and leads the Liberty Advances coalition, whose views have been described as ranging from libertarian to far-right. As an anarcho-capitalist, Milei has been vocal about his belief that Argentina’s central bank should be abolished, calling it a scam. He has also controversially stated that human organ sales are “just another market.”
Milei’s strong support for Bitcoin stems from his belief that it is a reaction against the “central bank scammers.” He argues that fiat currency allows politicians to exploit Argentines through inflation. This rhetoric has struck a chord with voters in Argentina, who currently face an annual inflation rate of 116% — the highest in over three decades, exacerbating the country’s cost of living crisis.
The popularity of Milei’s views reflects a growing dissatisfaction with traditional economic policies in Argentina. Amidst the economic turmoil and inflation worries, many Argentines have turned to Bitcoin as a hedge against the devaluation of the national currency.
Looking ahead, the general presidential election in Argentina is scheduled to take place on October 22nd. If no candidate secures at least 45% of the votes, a run-off election will be held in November to determine the next president.
Milei’s surge in popularity and support for Bitcoin indicate a widespread desire for change and a rejection of the current economic system in Argentina. As the country continues to grapple with economic challenges, including high inflation and a struggling currency, the outcome of the upcoming presidential election could have significant implications for the future of Argentina’s economy and its relationship with cryptocurrencies.