Bitcoin Regains $37,000 As Argentina Elects Pro-Bitcoin President

investopedia.com:

On Sunday, the Libertarian Party's Javier Milei was elected as the new president of Argentina.Milei has spoken positively about bitcoin in the past, and the price of the crypto asset rose to roughly $37,500 as Milei's opponent in the runoff election conceded defeat.

Libertarian Javier Milei defeated fellow contender Sergio Massa in the runoff election for the president of Argentina on Sunday, with Milei receiving nearly 56% of the final vote tally.

The election result was viewed positively by bitcoin proponents around the world, as Milei has spoken supportively about the crypto asset in the past. Earlier this year, Milei referred to bitcoin as a representation of the «return of money to its original creator, the private sector.»

Milei has already drawn comparisons to the heavily pro-bitcoin president of El Salvador, Nayib Bukele, who declared bitcoin legal tender in his country. However, the new president-elect of Argentina has not yet outlined a specific bitcoin policy for the country.

That said, Milei has promised to close the Central Bank of Argentina and embrace the dollarization of the Argentine economy.Argentina has a long history of difficulties with inflation, and the country has recently been struggling with an inflation rate of more than 100%.

«Ultimately, Grayscale Research views this as a meaningful step forward for crypto adoption, as bitcoin moves closer toward fulfilling its role as a super-sovereign means of exchange to accelerate a more accessible and inclusive financial system,» wrote crypto asset manager Grayscale's Matt Maximo regarding the potential impact of Milei's victory.

Milei is yet another example of bitcoin becoming a larger talking point in the global political landscape.

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