Pro-Bitcoin Javier Milei Trails in Argentina’s Presidential Run-Off
Javier Milei, an anti-establishment contender, anticipated to lead Argentina's presidential election, but with 90% of the votes counted, he is currently in second position.
Javier Milei, a pro-Bitcoin presidential candidate, failed to secure victory in the first round of the Argentine presidential election and will now confront economy minister Sergio Massa on November 19.
With over 90% of the vote counted, Bloomberg reported on October 23 that Massa was in the lead with over 36% of the vote, while Milei trailed with just over 30% of the vote.
The presidential candidates needed 45% of votes or 40% with a 10-point lead to win the presidency uncontested.
Milei won the most votes in the country's presidential primary election in August, garnering approximately 30% of the vote, initially making him the frontrunner for the presidency.
Meanwhile, Milei, who identifies as an anarcho-capitalist, has called for a reduction in the size of the government and the abolition of Argentina's central bank on the grounds that it is a fraud.
He also intends to abandon the Argentine peso in favor of the U.S. dollar, imitating Bitcoin-friendly El Salvador.
Milei's Liberty Advances (La Libertad Avanza) coalition has been characterized as anywhere between libertarian and far-right populist.
Milei has also referred to Bitcoin as a reaction against “central bank scammers” and asserted that fiat currency permits politicians to defraud Argentinians through inflation.
Massa, on the other hand, has pledged, if elected, to introduce a central bank digital currency (CBDC) to “solve” Argentina's protracted inflation crisis and has rejected the adoption of the dollar.
The vote comes when 40% of Argentines live in poverty, and citizens are weary of the country's escalating debt crisis.
The annual rate of inflation is also approaching 140%.
On November 19, Argentina will again go to the polls.
The candidate with the most votes will receive a four-year term as president.
