The crypto world oftentimes keeps investors on edge. When monetary authorities shift their focus toward the crypto industry, such interest serves as a catalyst for market moves. Both presidential candidates in Argentina underscored their positive approach to the flagship cryptocurrency.
The run-off in the presidential elections in Argentina is slated for next Sunday, November 19. Importantly, both candidates for the presidential office advocated for Bitcoin in their campaigns.
Sergio Massa from the ruling party, the Union for the Fatherland, and Javier Milei from the Liberty Advances will contest the presidency. In the first stage, incumbent Economy Minister Sergio Massa won 36% of the votes while anti-establishment outsider Javier Milei gained 30%.
Both candidates have greenlighted the legal introduction of Bitcoin in the country. No matter which candidate will take office, Bitcoin has already won in Argentina. So, crypto fans have an excuse to celebrate.
Each candidate stated the specifics of using digital assets in his election program. Sergio Massa plans to mine Bitcoins using excess natural gas from the Vaca Muerta shale formation. His rival Javier Milei wants to use the decentralized features of Bitcoin as an alternative to the actions of regulators and centralized banking.
Interestingly, people in Argentina jumped on the crypto bandwagon to withstand high inflation and the financial grip. Experts reckon that the locals could evince stronger interest in digital assets on the heels of the presidential elections of 2023. This trend does not depend on the vote outcome.
In the meantime, the official rhetoric on the number one cryptocurrency is still a puzzle. Analysts hesitate to make an accurate forecast for the extent of the adoption of Bitcoin and other digital currencies. Earlier, none of the presidential candidates set the goal of making Bitcoin legal tender in Argentina, though such a scenario is realistic at present.