Bitcoin Price Jumps More Than 2% As Argentina Elects Crypto Champion Javier Milei President

The Bitcoin price jumped more than 2% after BTC-friendly Javier Milei was elected the country’s next president.

Opponent Sergio Massa conceded defeat with Milei scheduled to take office on Dec. 10.

“We have to understand that the central bank is a scam,” said Milei earlier this year when asked about the king of cryptocurrencies. “What Bitcoin is representing is the return of money to its original creator, the private sector.”

Bitcoin Price Started Climbing With Milei’s Strong Showing

The Bitcoin price started climbing yesterday afternoon as talk of Milei’s strong showing spread. Massa’s remarks that “Argentines chose another path” then catapulted the Bitcoin price to as high as $37,350 throughout the past trading day.

Milei Calls the Central Bank a Scam, Believes Bitcoin Is the Future

Although Milei supports Bitcoin, he has not yet gone as far as proposing to make the cryptocurrency legal tender in Argentina. Instead, the newly-elected president is calling to eliminate the country’s central bank. He also wants to dollarize the Argentine economy after it was severely impacted by inflation that reached 142% in October.

Milei has said Argentina’s central bank is a “mechanism by which politicians cheat the good people with inflationary tax.” Opponent Massa had pledged to launch a central bank digital currency (CBDC) if elected, which he believed would solve Argentina’s long-lasting inflation crisis.

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