Javier Milei wins Argentina presidency by 2 million votes. Can he handle soaring inflation?
Far-right liberal Javier Milei has won Argentina's presidential runoff election, a victory that is crucial amid the country's ongoing inflation crisis.
Notably, he is known for advocating the use of Bitcoin and has proposed replacing the Argentine Peso with the U.S. dollar to deal with the current economic situation.
Milley wins Argentina presidency amid inflation crisis
Javier Milei has won Argentina's presidential runoff election, with provisional results showing him ahead by nearly 56% to Sergio Massa's 44%. The result marks a major shift in the country's political and economic landscape.
In a rousing victory speech, Milley declared that "the reconstruction of Argentina begins today" and pledged to restore the country's lost global standing.
Milei’s victory marks the end of a long period of Peronist rule at a time when Argentina is facing inflation and economic instability. Milei has expressed his support for Bitcoin as a means to empower the private sector and regain control of finance.
He further advocated abolishing Argentina's central bank, which he believed was a fraud.
However, unlike Salvadoran President Bukele, who has accepted Bitcoin as legal tender, Mile prefers to adopt the U.S. dollar in the Argentine economy to combat the country’s current inflation rate of 142.7%.
Meanwhile, Argentina has shown a keen interest in cryptocurrencies, with $85.4 billion in trading volume and widespread grassroots adoption. The move is an effort to avoid a devaluation of the peso, soaring inflation and restrictions on access to foreign currencies.
Additionally, earlier this year, a large group of Argentinians rallied in support of Bitcoin, gathering together in the shape of a Bitcoin logo to focus on the campaign’s impact on the country’s severe inflation.
Milei's victory drew mixed reactions from around the world
Milley's victory has received mixed reactions around the world. Former US President Donald Trump congratulated him and foresaw Argentina's resurgence under his leadership. White House National Security Advisor Jake Sullivan also expressed the same view, emphasizing the US's intention to strengthen bilateral relations based on shared democratic values.
South American leaders, including Brazilian President Luiz Inácio Lula da Silva and Chilean President Gabriel Boric, expressed congratulations and support. In contrast, Colombian President Gustavo Petro expressed concern that Milley's neoliberal agenda was insufficient to meet Latin America's challenges.
Milei’s rival Sergio Massa, who favored the introduction of a central bank digital currency (CBDC) to solve Argentina’s inflation crisis, admitted defeat while indicating that Milei now has a heavy responsibility on his shoulders. #阿根廷 #比特币
