What an excellent day for Argentina! The much-hyped event in Argentina is a reality now they have a pro-Bitcoin President. So, can we expect some wild rally in Bitcoin prices? Well, the analysts are rooting for 40K anytime soon. As expected, Bitcoin’s price has hit $37,000 following the election of pro-Bitcoin candidate Javier Milei as Argentina’s new president. With 87% of votes counted, Milei holds 56% against Sergio Massa’s 44%. Let’s explore what is next with Bitcoin in the economically juggling Argentina in the coming days.
The Bitcoin price has surged to $37,000 as per CoinGeck data, doubling in the past year amid market volatility triggered by BlackRock and concerns over the U.S.’s stance on Bitcoin. Ray Dalio’s warning about the U.S. debt pile of $33.7 hitting a critical level has bolstered the “bullish case for Bitcoin.” The recent win of XRP is also seen as a win for crypto, with a new era of regulated crypto assets about to begin in the US. However, analysts largely attribute this spike to Argentina’s election, where pro-Bitcoin advocate Javier Milei secured a substantial win.
Milei is a vocal advocate for Bitcoin, known for his unconventional economic strategies and radical notions, especially on dismantling the country’s central bank. He has been bullish on Bitcoin for a long time, but many doubt his post-win Bitcoin stance as he has not made comments to make Bitcoin a legal tender in the country.
His notable victory over Sergio Massa indicates Argentina’s thirst for economic change amid steep inflation of over 142% and crisis. Financial analyst Holger Zschaepitz observed a notable Bitcoin price surge post-election. The election of a pro-Bitcoin leader in a G-20 nation holds promise for favorable cryptocurrency policies ahead.
While Argentina is already recognized as one of the world’s most Bitcoin-friendly nations, Milei’s presidency could prompt even greater integration and adoption of cryptocurrencies within its financial system. His administration is expected to provide more support for the crypto industry, fostering an environment conducive to Bitcoin and other digital assets. As a result, the global cryptocurrency community is keenly watching Milei’s leadership and anticipating its potential impact on shaping Argentina into a thriving hub for digital currencies amid economic turmoil.
Raising Bitcoin standards, renowned trader Titan of Crypto has reaffirmed a pre-halving BTC forecast of up to $50,000 on November 19, emphasizing Bitcoin’s ongoing struggle to surpass $40,000. Highlighting $39,000 as a crucial floor, he foresees BTC/USD stabilizing within this range before the upcoming block subsidy halving event in April 2024, aligning with his year-old pre-halving rally prediction.
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