Argentina Chooses Pro-Bitcoin President Amid Rising Crypto Adoption

Argentina has elected Javier Milei as its new president, with the pro-Bitcoin candidate securing 56% of the vote, beating his rival Sergio Massa, who got just over 44%, according to Reuters. This comes as Argentina grapples with high inflation and widespread poverty.

Milei, known for criticizing Argentina's central bank, has called it a "scam" contributing to the country's economic problems. The Argentine peso has seen a significant 140% increase in annual inflation over the last 12 months, fueling Milei's stance.

Chainalysis recently ranked Argentina 15th in its 2023 Global Crypto Adoption Index. The report highlighted a growing trend in crypto purchases, particularly during times of economic instability when the peso was losing value. Brazil was the only Latin American country ranking higher, securing the 9th position.

The spike in crypto adoption in Argentina coincided with a period in mid-April when the country's inflation crossed 100% for the first time in three decades. The trend slowed down in September as the peso stabilized.

Milei joins a list of politicians in the Americas embracing cryptocurrency. In El Salvador, President Nayib Bukele made Bitcoin a legal tender in 2021, despite global criticism. In the United States, Republican figure Vivek Ramaswamy, a potential 2024 presidential candidate, announced a "comprehensive crypto policy framework" and started accepting Bitcoin donations.

In Mexico, Senator Indira Kempis introduced crypto legislation, initially proposing a central bank digital currency (CBDC) bill and later including accepting Bitcoin as legal tender. She aims to become Mexico's first female presidential candidate.