Libertarian economist and pro-Bitcoin presidential candidate Javier Milei is gaining ground among Argentine voters, per Bitcoin Magazine.
As the country struggles amid its ongoing economic crisis, thoughts turn to the upcoming presidential election scheduled for Oct. 22. With unconventional economic views, Milei stands out as the candidate capable of solving Argetina’s many problems.
Country in economic crisis
Consumer Price Index (CPI) inflation has grown month on month since April 2022 and currently stands at 104.3%.
To make matters worse, the peso continues sliding against the dollar in a pattern resembling a slow rug memecoin.
Since the start of the year, the peso has lost 24% against the dollar — hitting a record low with each passing week. It takes about 250 pesos to buy a dollar at the official rate.
However, according to Al Jazeera, currency controls limit foreign exchange — leading to a black market rate costing up to 500 pesos to buy a dollar.
In a bid to rein in inflation and reverse currency devaluation, the central bank raised interest rates by a staggering 10% to 91% last month.
Argentina has a $44 billion loan from the International Monetary Fund (IMF). Currently, talks are ongoing to “redesign” the program — including moving a disbursement of $10.6 billion forward to next month.
The IMF’s opposition to Bitcoin has raised questions about its political influence over countries it lends money.
Bitcoin is approaching an all-time high in Argentine pesos
Milei takes a laissez-faire approach to economics and politics — meaning he believes in free markets with minimal government intervention. His manifesto has included a plan to dollarize the Argentine economy — which has polarized the electorate.
Although this plan could stabilize and strengthen the peso, critics argue it may also trigger a run on the native currency. Additionally, they question where Milei would obtain the necessary dollars to support the plan.
Milei recently appeared on national television, where he beat a model of a central bank like a pinata — indicating his views on conventional economics. Earlier this year, he said Bitcoin could eliminate the central bank.
Polls indicate that 59.2% of Argentinians seek “total change” of government — which chimes well with Mileu’s campaign focusing on doing away with conventional politicians.
Similarly, the poll revealed that, across hypothetical scenarios of president and vice president combinations, Milei also got the nod from respondents.
“In all three potential line-ups, Milei emerged with the highest voting intention, hovering between 23.7 and 24.3 percent.”
However, before Milei can win the presidency, he must first face the primary elections, which are scheduled for August 13.
Meanwhile, in another vote as such, Argentine demand for Bitcoin sends the price soaring to 6,341,980 pesos. Its all-time high peso price was 6,735,710 — achieved at the market top in November 2021.
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