Bitcoin reportedly surged at the news of Javier Milei’s win in the presidential election in Argentina. It was said that the cryptocurrency gained almost three percent after he won the presidency.

The new Argentine president is known to be very supportive of Bitcoin and even described it as "the return of money to its original creator, the private sector." He was formally declared the new leader of the country after his opponent, Sergio Massa, conceded by saying that the nation “chose another path.”

Bitcoin Surges on Javier Milei’s Win

CCN reported that Milei’s victory in the election was a complete surprise and caused the value of Bitcoin to go up. He has been a vocal supporter of Bitcoin and with his leadership, there have been talks that he could make his move towards the dollarization of Argentina.

The Argentine crypto community is so excited about Milei’s win that the price of Bitcoin shot up and went over the $37,200 mark. On the other hand, Ethereum also saw an increase of 2.10% and is trading at $2,012.48.

The sudden jump in risk assets was observed after the announcement of preliminary results amid the citizen’s struggle with high inflation. Prior to his win, Milei strongly asserted his support for Bitcoin and highlighted the cryptocurrency’s role in returning money to the private sector.

Positive Views of the Election Result

According to Investopedia, Milei’s presidential win has been viewed positively by supporters of Bitcoin worldwide since he has been voicing out his opinions and support for crypto assets for a long time. In fact, he has also been compared to El Salvador’s President Nayib Bukele, a staunch supporter of crypto who made Bitcoin (BTC) a legal tender in his country.

Meanwhile, during his campaign, Milei vowed to shut down the Central Bank of Argentina and work toward becoming a dollarized nation. Grayscale's researcher, Matt Maximo, commented about the possible impact of the new Argentine president, saying, "Ultimately, Grayscale Research views this as a meaningful step forward for crypto adoption, as bitcoin moves closer toward fulfilling its role as a super-sovereign means of exchange to accelerate a more accessible and inclusive financial system."

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