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Javier Milei, a 52-year-old politician, entrepreneur, and economist from Argentina, secured the highest number of votes in the nation’s primary presidential elections. As the head of the political coalition La Libertad Avanza (Freedom Advances), he is a strong proponent of bitcoin and a staunch critic of the central bank.
His rise in popularity has also been linked to a cryptocurrency controversy involving the questionable digital asset platform CoinX. Milei promoted the platform on his Instagram account in December 2021, while Argentine authorities suspended its operations a few months later, asserting that it lacked the legal authorization to function within the country.
High Chances to Become President
Considered one of the most unconventional presidential candidates in Argentina, Javier Milei garnered over 7 million votes (more than 31.5% of total support) during the open primaries, which took place roughly two months prior to the general election. The center-right coalition Together for Change, which has yet to announce its candidates, came in second.
It is notable that Milei achieved a significant victory in nearly every Argentine region, except for the capital, Buenos Aires, where the Utility for the Homeland party, associated with current President Alberto Fernandez, received the majority of votes.
Taking on the role of the next political leader of the South American country appears to be a challenging task, given the triple-digit inflation, rising poverty levels, and the overall economic decline affecting the region.
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Milei has previously criticized the controversial actions of the central bank, labeling the institution a “scam.” He has also positioned himself as a supporter of bitcoin, suggesting that Argentina could address some of its challenges by embracing it:
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“The point is that the first thing we have to understand is that the central bank is a scam. It is a mechanism by which politicians cheat to the good people with the inflationary tax. What bitcoin is representing is the return of money to its original creator: the private sector…
Bitcoin has an algorithm that one day it will reach a certain amount, and there is no more, and it can compete with other currencies.”
Javier Milei, Source: Al Jazeera
Argentines appear to be fed up with their financial difficulties and are inclined to support the unconventional Milei, whose nickname is “el Peluca” (the Wig) due to his distinctive hairstyle. In fact, many locals have already embraced cryptocurrency, converting their devaluing pesos into BTC or USDT to safeguard their wealth from persistent inflation.
The Scandal Involving Milei
In addition to his favorable remarks about bitcoin, the far-right presidential candidate made headlines last summer when a group of affected CoinX investors filed a lawsuit against him for endorsing a fraudulent cryptocurrency venture.
The plaintiffs claimed they lost approximately $300,000 after Milei promoted the platform on his Instagram account, which led them to invest.
CoinX had promised substantial returns for its users and asserted that it had assembled a team of experts to provide the best guidance to customers. However, Argentina’s National Securities Commission (CNV) shut down its operations due to its lack of necessary authorization to offer services in the country.
Featured Image Courtesy of CNN
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