In a historical moment for both the nation and the crypto community, Argentina has ushered in a new era by welcoming its first-ever pro-Bitcoin President. 

On November 19, Argentina released the results of its presidential election. Reports of the election results reveal that right-wing libertarian and Bitcoin advocate, Javier Milei won almost 56% out of 90% of votes counted. While his rival candidate, Minister Sergio Massa garnered 44% of the votes. 

The momentous victory positions Milei as the face of a new era in Argentina, marked by his stated commitment to solving inflationary problems in the country by abolishing the country’s Central Bank and using digital currencies like Bitcoin. 

In a public victory speech to his supporters in Buenos Aires, Milei declared that the transformative process of Argentina had just begun and the country was on its way to economic recovery. He promised to work with all the nations to help develop Argentina and make it a better country. 

“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline. The model of decadence has come to an end. There is no way back,” Milei stated. 

He further added that “Argentina will return to its place in the world that it should never have lost. We are going to work shoulder-to-shoulder with all nations of the free world, to help build a better world.”

Former President of the United States, Donald Trump commended Milei on securing victory in the Argentinian Presidential election. He expressed his pride in Milei’s incredible feat and stated his anticipation for Milei’s efforts in restoring Argentina. 

“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,” Trump stated. 

Following the news of Javier Milei’s victory in Argentina’s Presidential elections, Bitcoin price has been on an upward trend, trading above the $37,000 mark. The price of the cryptocurrency at the time of writing is $37,199 according to CoinMarketCap. 

One of Milei’s primary policy plans as Argentina’s President is to discontinue the use of the Argentinian peso and adopt the United States Dollar as the country’s main currency. He has also mulled over the introduction of Bitcoin as a potential legal tender and declared possibilities of launching a Central Bank Digital Currency (CBDC) in Argentina. 

While the proposals aim to significantly reduce the long-lasting inflationary crisis in the Argentinian economy, the involvement of Bitcoin could potentially herald a new wave of economic growth for the crypto industry.

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