According to CoinGecko statistics, the cryptocurrency market has experienced a notable upswing, with Bitcoin (BTC) regaining the $37,000 milestone earlier today.
Experts credit the recent increase in value to the results of Argentina’s presidential election, when pro-Bitcoin far-right libertarian Javier Milei won.
The political catalyst
The Bitcoin community is awash in shock following the election of Javier Milei to the presidency of Argentina. Milei has been an outspoken proponent of Bitcoin and is well-known for his unconventional economic theories and bold suggestions, which have included the deconstruction of Argentina’s central bank.
His decisive win over Sergio Massa demonstrates the nation’s appetite for economic reform in the face of skyrocketing inflation and a catastrophe.
Financial expert Holger Zschaepitz has observed that the election results coincided with a notable increase in the price of Bitcoin.
The importance of having a head of state who supports cryptocurrencies in a G-20 country was emphasised by some enthusiasts because it may result in future policies that are more advantageous for the cryptocurrency sector.
A Bitcoin haven
Cryptocurrencies are becoming more and more popular in Argentina, a country struggling with economic instability, as a way to protect against inflation.
Milei’s rise to prominence is seen as a possible watershed, and his government is anticipated to promote a climate that is more conducive to Bitcoin. Investor confidence has been enhanced by this sentiment.
Argentina is already among the countries in the world that welcome Bitcoin the most. However, under Milei’s direction, it may witness further cryptocurrency use and incorporation into its financial system.