I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. The financially ravaged nation of Argentina has seen its pro Bitcoin libertarian candidate Javier Milei take the lead in the primary presidential election in Argentina.
Javier Milei and the "La Libertad Avanza" Party
The La Libertad Avanza party, translated to mean "Freedom Advances" are a right wing political coalition with legal status in the Buenos Aires Province. Their libertarian candidate Javier Milei, who has pledged to abolish the central bank of the inflation ridden nation, along with praising Bitcoin, has managed to gain an unforeseen win in the primary presidential election in Argentina. He managed to secure 30.5% of the votes after 90% of the votes were counted, having been expected to finish third in the pre election polls.
He has long since been vocal about his disheartened feeling towards to nations 116% inflation rise, and the severe cost-of-living crisis that has driven 40% of the population into poverty. The overwhelming feeling is that the Argentine public are fighting back against their government by voting for Milei, with the dominant political parties lagging behind. The "Juntos por el Cambio" and "Unidos por la Patria" candidates got 28% and 27%, respectively. The former conservative President Mauricio Macri noted:
"Milei's growth is a surprise. This reflects people's frustration with politics."
A large part of Milei's appeal is his proactive views on Bitcoin, which helped him to grain voters and support. He has appeared on many talkshows where Milei has endorsed Bitcoin and crypto. This was both before and during his presidential election campaign. He has previously stated that Bitcoin and Ethereum are a "return of money to its original creator: the private sector."
Milei has also been very vocal on his belief that central banks are nothing but a scam, and has accused them of unfairly enabling politicians to burden citizens through inflation. While he is a fan of cryptocurrencies, Milei is not advocating for the adoption of Bitcoin as the official currency in Argentina. They will not be looking to follow the approach of El Salvador. Instead Milei is locking to transition the country towards "dollarisation" due to the severe inflation impacting the country.
The actual general election is expected to take place in October, where the top candidates from each party will be required to achieve at least 45% of the vote. If nobody achieves that level, a final election will take place in November.
It is also important to note that Milei has previously faced legal trouble for allegedly promoting a Ponzi scheme named Coinx in Argentina. The scheme was accused with over $800,000 worth of Argentine pesos. The platform had leveraged its substantial social media following, which allowed it to draw in customers and traders alike, who believed in the potential for significant profits. The platform was credited with being AI driven for automated trades.
Milei had endorsed the platform back in December 2021 on his Instagram account, noting:
"They are changing the investment landscape to assist Argentinians dealing with inflation. You can simulate investments in pesos, dollars, or cryptocurrencies and generate profits."
The impacted investors have a legal team representing them, and they have revealed that there is a collective loss totalling around 30 million to 40 million pesos (approximately $300,000). A lot of these impacted customers are pursuing reparations from Milei. He has denied guilt and maintained his stance that the company's actions were akin to a regular bank's. While this is a blackmark on his reputation, he is still quite popular due to his relentless criticism of Argentina's central bank. He has previously vowed to "blow it up" while also branding it as a deceptive entity that unfairly burdens "honest citizens" through inflationary taxes.
The central bank in Argentina has also been active in trying to curb crypto activity in the nation by banning digital wallets. Yet Argentina's cryptocurrency landscape remains unchanged, and the nation is ranked 13th globally in terms of crypto adoption according to Chainalysis.
Have a great day.
CryptoGod-1.
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