Javier Milei, an advocate for Bitcoin adoption in Argentina, secured victory in the presidential run-off election on November 19, triumphing over his rival Sergio Massa. With nearly 99% of the votes tallied, Milei garnered more than 55% of the votes, holding a substantial lead of almost 3 million votes, as reported by Bloomberg.

Sergio Massa, the incumbent minister of economy, graciously conceded defeat and extended his congratulations to Milei when over 90% of the votes had been counted, even before the official results were announced. The inauguration of Milei as the new president is slated for December 10.

As the election results neared completion, Milei maintained a significant lead of over 10 percentage points against Massa, as indicated by data from Bloomberg. The election outcome marks a notable shift in Argentina’s political landscape.

Argentina has grappled with a prolonged inflation crisis, witnessing the Argentine peso undergo an alarming 140% surge in annual inflation over the past 12 months. Milei has been an outspoken critic of the country’s central bank, labeling it a “scam” and a tool for politicians to impose an inflationary tax on the public. He views Bitcoin as a crucial movement towards returning control of money to the private sector, although he has not expressed a commitment to making Bitcoin legal tender in the country.

On the contrary, Massa’s stance on monetary policy and cryptocurrencies diverges significantly from Milei’s perspective. In October, Massa pledged to introduce a central bank digital currency (CBDC) as a solution to Argentina’s persistent inflation challenges, showcasing a polarized approach to addressing economic issues.

While Massa emerged victorious in the initial round of Argentina’s presidential election in October, his win fell short of securing the presidency outright, necessitating the final run-off vote. Milei had previously triumphed in Argentina’s primary election in August, setting the stage for his successful bid in the subsequent run-off.