BTC Price Jumps As Argentina Elects Pro-Bitcoin Javier Milei As President

The enduring inflation crisis in Argentina has been a prominent issue in the South American nation, marked by the Argentine peso experiencing an annual inflation rate exceeding 140% in the past 12 months. Many crypto proponents have also been advocating that Argentina should adopt Bitcoin as an inflationary hedge. As a result, some of the top Bitcoin proponents are also celebrating Milei’s victory.

#Bitcoin is hope for Argentina. Congratulations @JMilei.

— Michael Saylor⚡️ (@saylor) November 20, 2023

Milei has openly criticized the country’s central bank, denouncing it as a scam and a “mechanism through which politicians deceive the public with inflationary taxes.” He also views Bitcoin as a movement toward “restoring money to its original creator, the private sector”. In one of his previous interviews, Milei said:

“With legal tender, they scam you with the inflationary tax… Bitcoin is the natural reaction against central bank scammers; to make money private again”. 

Yet, he has not shown any inclination to designate Bitcoin as a legal tender in the nation. However, if he considers it, Argentina would be the second Latin American country to make Bitcoin a legal tender, after El Salvador.

Interestingly, Bitcoin maximalist Max Keiser said that he expects three Latin American countries to make Bitcoin a legal tender by early 2024.

Massa’s perspectives on the monetary system, banking, and the cryptocurrency industry seem to stand in stark contrast to Milei’s. Back in October, he committed to introducing a central bank digital currency (CBDC) in the event of being elected, aiming to “address” Argentina’s enduring inflation challenges.

Massa emerged victorious in the initial round of Argentina’s presidential election held in October. Despite this success, securing an outright victory eluded him, necessitating a final run-off vote. Preceding this, Milei secured a triumph in Argentina’s primary election in August, prevailing over Massa and other contenders

Bitcoin Price Action Ahead

As we approach closer to the next Bitcoin halving analysts are turning extremely bullish about Bitcoin. Ali Martinez notes that we are at the beginning of a 700-day Bitcoin bull run ahead of us till October 2025.

#Bitcoin history might repeat itself!

If we mirror #BTC's past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025.

That means $BTC still has 700 days of bullish momentum ahead! pic.twitter.com/MOUS1CYOn0

— Ali (@ali_charts) November 19, 2023

The renowned social media trader Titan of Crypto recently reaffirmed a pre-halving BTC price forecast of up to $50,000 on November 19. Bitcoin is encountering strong resistance in its attempt to surpass the $40,000 threshold; repeated efforts to breach this level have proven unsuccessful over the past week.

Titan of Crypto has also identified $39,000 as a critical boundary, but this time as the lower limit for where BTC/USD should ideally stabilize before the upcoming block subsidy halving event in April 2024.

“The pre-halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he said.