Bitcoin Price Surges 2% as Pro-Bitcoin President Wins in Argentina Presidential Election

The post Bitcoin Price Surges 2% as Pro-Bitcoin President Wins in Argentina Presidential Election appeared first on Coinpedia Fintech News

Argentina is welcoming a new President this week, as Javier Milei, a far-right libertarian outsider, secures victory in Argentina’s presidential election. The impact of this news was rapid, with Bitcoin (BTC) witnessing a 2% surge, surpassing $37,200.

However, the crypto community cheers this outcome, given Milei’s support for Bitcoin and his criticism of central banks, which he labels as a scam. 

Pro-Bitcoin Leader Milei’s Victory 

Meanwhile, with the vote count of 99% nearly completed, Javier Milei has emerged victorious, securing an impressive 55% of the votes. This substantial lead amounts to almost 3 million more votes than his closest competitor, solidifying his position as the chosen candidate.

Although Milei, is set to assume office on December 10, his policies will be closely observed by the crypto community.

Inflation at its peak in Argentina

Argentina grapples with severe inflation, reflected in the peso’s annual rate surpassing 140%. However many believe that Milei’s win is seen as an opportunity for change, as he criticizes the central bank, endorsing Bitcoin as a hedge against inflationary taxes. 

While not considering Bitcoin legal tender yet, Milei’s victory sparks hope for a change in the nation’s monetary policies.

Bitcoin Price Movement

As Bitcoin gears up for the next halving, renowned analyst Ali Martinez predicts a bullish trajectory, with some forecasting a 700-day bull run until October 2025. 

Further another well-known crypto analyst Captain Faibik anticipates a potential surge to $50,000 before the fourth halving, given the current horizontal range as per the report from Coinpedia. 

Currently around $37,117, Bitcoin’s movements are closely monitored for potential altcoin breakouts.