In a turn of events from the expected, Javier Milei – a libertarian candidate known for his public advocacy for Bitcoin and condemnation of central banks – is leading in the primary presidential election in Argentina with over 84% of the votes counted. According to official figures, Milei, who is running for the “La Libertad Avanza” (Freedom Advances) party, is commanding 30.73% of the votes thus far. This impressive electoral performance placed him ahead of candidates from the “Juntos por el Cambio” (Together for Change) and “Unidos por la Patria” (United for the Homeland), who garnered 28.14% and 26.84%, respectively.
Prior to the elections, polls had cast a shadow of doubt on Milei’s prospects, projecting that he would likely finish no higher than third. This unexpected ascendance throws an interesting spotlight on the candidate who once declared the central bank a “scam” – a deceitful system devised by politicians to inflict economic pain on the citizenry through inflationary tax.
Milei’s stance on Bitcoin further contributes to the intrigue around his persona. He has ardently expressed that Bitcoin exemplifies a reclaim of currency control by its original creator – the private sector. This perspective marks a deviation from the usual state-led financial narratives.
However, in spite of his enthusiasm for Bitcoin, Milei has explicitly refrained from advocating for its adoption as legal tender within Argentina, contrary to the steps taken by the nation of El Salvador. What then could be Milei’s solution to the economic challenges plaguing the country? He has consistently called for a “dollarization” of the economy in a bid to combat the nation’s triple-digit inflation rate.
The nature of the race remains undecided, with no prospective candidate likely to secure more than 45% in the polls. A general election featuring winners from each party is slated for October, and should no candidate record a minimum of 45%, a final runoff vote will surface in November. At the end of these electoral activities, we eagerly anticipate where this potential President holding divergent economic perspectives will steer the country of Argentina to.
Source: Coindesk
