Argentinian Markets Hang In Balance As Pro-Bitcoin Presidential Candidate Javier Milei Sweeps Primary Election: 'Did Not Expect These Numbers'

Pro-dollarization and pro-Bitcoin presidential candidate Javier Milei’s unexpected lead in the country’s primary elections has put the Argentine market in a state of uncertainty, reports CNBC.

"The market did not expect these numbers from Milei. I think the government will have to be very attentive to the exchange market, it will surely be a week with a lot of tension," said Dante Sica, a consultant and former production minister.

Milei, a far-right libertarian representing the “La Libertad Avanza” (Freedom Advances) party, has garnered 30.73% of the votes with 84% of the vote counted, outpacing candidates from “Juntos por el Cambio” (Together for Change) and “Unidos por la Patria” (United for the Homeland).

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The results can lead to Argentina’s already unstable financial markets facing further challenges. In 2019, a similar unexpected primary result led to a crash in bonds and currency values.

Milei’s victory introduces an element of unpredictability, though he still has to navigate the general elections in October and a probable November run-off. Goldman Sachs noted Milei’s support for “radical policy proposals” and his political inexperience.

In October, he will face former security minister Patricia Bullrich and Peronist coalition candidate Economy Minister Sergio Massa.

Milei has often criticized the central bank and expressed support for Bitcoin BTC/USD, saying it “represents the return of money to its original creator, the private sector."

However, he hasn’t advocated for Bitcoin to be used as legal tender in Argentina, like in El Salvador; instead, Milei supports a "dollarization" of the economy.

If no candidate secures over 45% in the primary, a general election will take place in October amongst the winners from each party. If the 45% threshold is still not met, a final runoff vote will be held in November.

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