Milei won almost 55% of the vote in the run-off presidential election, with 99% of the votes counted.
Argentina is a Bitcoin BTC $37,175-friendly country. On November 19, Javier Milei defeated his opponent Sergio Massa in the country's presidential run-off election.
According to Bloomberg data, Milei won over 55% of the votes with an over 3 million vote lead with nearly 99% of the votes counted.
Massa, the country's economy minister, called Milei to congratulate him on his victory after more than 90% of the ballots were counted - before the first official results were announced. Milei will be sworn in on December 10.
Argentina's long-lasting inflation crisis has sparked debate in the South American country, with the Argentine peso experiencing a 140% surge in annual inflation over the last year.
With practically all votes counted, Milei led Massa by more than ten percentage points. Source: Bloomberg
Milei has been outspoken in his criticism of the central bank in the nation, describing it a "scam" and a "mechanism by which politicians cheat the generous citizens with inflationary tax."
He has described Bitcoin as a movement for "the return of money to its original creator, the private sector."
He has not, however, indicated any intention of making Bitcoin official tender in the country.
Massa's ideas on money, banking, and cryptocurrency appear to be diametrically opposed to Milei's.
In October, he promised that if elected, he would introduce a central bank digital currency (CBDC) to "solve" Argentina's long-running inflation crisis.
In October, Massa won the first round of Argentina's presidential election. However, it was insufficient to secure the president outright, necessitating the last run-off vote.
Prior to that, in August, Milei defeated Massa and other contenders in Argentina's primary election.
Javier Milei's election as Argentina's president represents a pivotal moment for Bitcoin and the broader cryptocurrency movement. His strong support for digital assets could catalyze wider adoption and integration within the country's financial system. As Milei takes office, the future of Bitcoin in Argentina appears increasingly promising.