Former President Donald Trump congratulated Javier Milei after Argentina elected a populist economist as its next president.
What Happened: Milei’s opponent, Sergio Massa, conceded the election, declaring that “Argentines chose another path.” With around 87% of the votes counted, Bloomberg reported Milei leading with 56% of the votes against Massa’s 44%.
“MAKE ARGENTINA GREAT AGAIN!,” Trump wrote, reacting to Milei’s win.
“Congratulations to Javier Milei on a great race for President of Argentina. The whole world was watching! I am very proud of you. You will turn your Country around and truly Make Argentina Great Again!” he said in a separate post.
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Why It Matters: Milei, often compared to former U.S. President Trump, has promised a considerable revamp of Argentina’s institutions. His win indicates a political swing towards the right amid public discontent over soaring inflation and escalating poverty. Milei’s election could mark a significant turning point for Argentina’s economy, which has been grappling with inflation rates as high as 142% in October.
Milei’s rise to power has been a roller-coaster ride. Despite being a favorite, he failed to secure a victory in the first round of elections in October. Previously, in August, he emerged as a major victor in the Argentine Presidential PASO (Open, Simultaneous, and Mandatory Primaries) elections, signifying a surprising surge. Milei’s win, within the context of a deeply divided campaign, raises concerns about potential autocracy and election fraud, echoing allegations made by Trump and ex-Brazilian President Jair Bolsonaro.
Bitcoin Reaction: The cryptocurrency Bitcoin BTC/USD increased by nearly 3% following Javier Milei’s win in the Argentine presidential race. Over the weekend, Bitcoin remained relatively stable until Sunday afternoon, when rumors of Milei’s strong performance began to circulate. The cryptocurrency saw a nearly 3% rise in the 24 hours following Massa’s concession, reaching a value of $37,350.
Earlier this year, Milei voiced his opinion on Bitcoin, stating, “We have to understand that the central bank is a scam.”
He added, “What Bitcoin is representing is the return of money to its original creator, the private sector”.
However, Milei has not proposed making Bitcoin legal tender. He advocates for the abolition of the country’s central bank and the dollarization of the Argentine economy.
Image Via Wikimedia Commons
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