Since Javier Milei’s victory in the runoff, Bitcoin reached its highest level since May 2022. There are specialists who consider that speculation about a possible implementation of Bitcoin as a national currency could explain the rise.
From the victory in the runoff by Javier Milei last Sunday, one of the main unknowns in this transition is the economic and financial aspect and how it will develop over the next four years. In this sense, one of the keys may be around the cryptocurrencies since they ensure that the free market policies promoted by the next president will enhance their growth.
Although the Bitcoin market plummeted from its all-time high of $70,000 per Bitcoinalthough it rebounded and is trading at $37,000 per Bitcoin, specialists expect that Milei’s electoral victory will skyrocket the price of the digital currency. They estimate that a situation similar to the one that occurred when Nayib BukelePresident of The Savior announced that the country would adopt Bitcoin as its official currency.
The price of Bitcoin jumped after Milei’s victoryreaching his highest level since May 2022. There are those who consider that the libertarian could follow in the footsteps of his Salvadoran counterpart and implement this cryptocurrency as an official currency as wellwhich would explain the price spike.
What specialists say about a possible implementation of Bitcoin in Argentina
The Bitcoin developer and CTO of the Casa wallet app, Jameson Loppasked himself on his X account (formerly Twitter): “Is this the next domino that will fall on the adoption of Bitcoin by nation states?
For their part, researchers from the Bitcoin and cryptoasset manager Grayscale added that the president-elect “could pave the way for a greater acceptance and integration of cryptocurrencies in the Argentine economyoffering a potential solution to the problems of inflation and instability long-standing financial institution” and highlighted that Milei “sees bitcoin as a crucial tool to counter the inefficiencies and corruptions of centralized financial systems” and one “viable alternative to traditional economic structures”.
“Bitcoin and cryptocurrencies were already solving a problem for Argentines, but Milei’s presidency could enhance its use and relevance for Argentina“he told The Block Mauricio Di Bartolomeoco-founder of the cryptocurrency company Ledn.
Source: Ambito
