Bitcoin Rises 3% as Javier Milei Secures Argentine Presidential Victory

Javier Milei, an outspoken advocate of anarcho-capitalism, has emerged as a strong proponent of bitcoin, viewing it as a mechanism to revert financial control to its origins within the private sector. In recent developments, it has been confirmed that Milei is positioned to assume the role of Argentina's next president. Sergio Massa, his opponent, gracefully conceded on Sunday evening, acknowledging the electorate's preference for a different path forward.

With 87% of the votes officially tallied, Milei secured a formidable 56% majority, leaving Massa with 44%, according to the most recent data from Bloomberg. Bitcoin (BTC), which had been trading relatively placidly over the weekend, experienced a sudden surge late on Sunday afternoon, spurred by speculation surrounding Milei's robust electoral performance. Following Massa's concession, the cryptocurrency observed an increase of nearly 3% in the past 24 hours, reaching a valuation of $37,350.

Earlier in the year, Milei publicly voiced his skepticism toward the central bank, condemning it as a "scam." When discussing bitcoin, he underscored its significance as a means to "restore money to its original creator, the private sector." Despite advocating for bitcoin, Milei has not yet endorsed the idea of it becoming legal tender. Instead, he proposes the elimination of Argentina's central bank and advocates for the dollarization of the country's economy, which has been grappling with alarming inflation, surging to a staggering 142% in October.

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