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Bitcoin-friendly Javier Milei wins Argentina presidential election

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Argentina’s Bitcoin (BTC)-friendly Javier Milei gained the nation’s presidential run-off election on Nov. 19, beating out his opponent Sergio Massa.

With virtually 99% of the vote counted, Milei gained over 55% of the votes with a virtually 3 million vote lead in keeping with Bloomberg data.

Massa, the nation’s minister of financial system, known as Milei to congratulate him on the victory after greater than 90% of the votes have been counted — earlier than the announcement of the primary official outcomes. Milei will take workplace on December 10.

With almost 100% of the vote counted, Milei had an over 10 share level lead on Massa. Supply: Bloomberg

Argentina’s long-lasting inflation disaster has been a heated subject within the South American nation, with the Argentine peso recording over a 140% increase in annual inflation within the final 12 months.

Milei has been vocal about his criticisms towards the nation’s central financial institution, referring to it as a rip-off and a “mechanism by which politicians cheat the nice folks with inflationary tax.”

He’s referred to Bitcoin as a motion towards “the return of cash to its unique creator, the personal sector.”

Associated: Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey

Nevertheless, he has not signaled any intention to make Bitcoin authorized tender within the nation.

Massa’s views on the cash, banking and cryptocurrency trade look like polar opposite to Milei.

In October, he pledged to launch a central financial institution digital foreign money (CBDC) if elected to “remedy” Argentina’s long-lasting inflation disaster.

Massa won the first round of Argentina’s presidential election in October. Nevertheless, it wasn’t sufficient to win the presidency outright, triggering the ultimate run-off vote.

Previous to that, Milei won Argentina’s primary election in opposition to Massa and different candidates in August.

Journal: Unstablecoins: Depegging, bank runs and other risks loom