Argentina’s New Pro-Bitcoin President Sparks Crypto Rally; Price Up By 2%!

Published by

Elena R

November 20, 2023

Argentina is buzzing with excitement as Javier Milei, a far-right libertarian outsider, secures victory in the presidential election. The impact? Bitcoin (BTC) shoots up by 2%, crossing the $37,200 mark.

The crypto community is thrilled about Milei’s win. He’s a big fan of Bitcoin and doesn’t hold back on slamming central banks, calling them a scam. As the votes hit 99%, Javier Milei is declared the winner with a whopping 55% of the votes. That’s nearly 3 million more than his closest competitor!

Milei takes office on December 10, and the crypto world is curious to see what he’s got up his sleeve.

Hope for Change?

Argentina is dealing with high inflation—140% annual rate for the peso. Many think Milei’s win could mean a change, as he bashes the central bank and backs Bitcoin as protection from inflation.

Though Bitcoin isn’t official money yet in Argentina, Milei’s victory raises hopes for a shift in how the country handles money.

Bitcoin Bulls Charge Ahead!

As Bitcoin gears up for the next halving, renowned analyst Ali Martinez predicts a bullish trajectory, with some forecasting a 700-day bull run until October 2025.

Further another well-known crypto analyst Captain Faibik anticipates a potential surge to $50,000 before the fourth halving, given the current horizontal range as per the report from Coinpedia.

Read More: Bitcoin Halving Prediction: BTC Price To Hit This Level Before The Halving Event

Currently around $37,117, Bitcoin’s movements are closely monitored for potential altcoin breakouts.

What are your hopes for Argentina’s future under Milei’s leadership?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.