While we learned last night the victory of pro-bitcoin libertarian candidate Javier Milei in the Argentine presidential election, the price of the cryptomere has jumped in the land of tango and is once again approaching historic highs. THE BTC actually experienced an increase of 2% following the announcement, increasing from approximately 13 million to 13.2 million Argentine pesos, before consolidating. He currently trading at 13.17 million Argentine pesosaccording to data from CoinGecko.
Bitcoin nears record high in Argentina
A spectacular increase which, however, did not allow Bitcoin to reach its historic summit in the countrywhich is a reminder of 13.37 million Argentine pesos. A record reached on Thursday, November 16, when Javier Milei became the favorite candidate on the decentralized platform Polymarket. Other info, Bitcoin has also experienced up 1.5% in the last 24 hours in US dollars. It is currently trading at $37,215, according to data provided by media outlet The Block.
Might have to brush up on my Spanish https://t.co/ykAnVoIpys
— Markus Fix (@lispmeister) November 7, 2023
I have to say that BTC has been on an almost permanent upward trend in Argentina since July 2022. Since the start of the war in Ukraine and the inflation that followed, populations in countries with easily depreciated currencies (such as South American countries and Turkey) have tended to turn massively to cryptos , BTC in the lead. A phenomenon unimaginable a few years ago, a large portion of the population in these countries see crypto as safer than their national currency for storing their savings.
While the future halving and the imminent approval of a Bitcoin Spot ETF by the SEC support the price of the cryptomere, Javier Milei’s victory will certainly also contribute to this increase. And it is not his statements that suggest otherwise. “The first thing we need to understand is that the central bank is a scam. It is a mechanism by which politicians deceive the right people with an inflationary tax”, “Bitcoin is the natural reaction against central bank fraudsters and to make money private again” he declared in particular.
The impact of Javier Milei on the price of BTC
It must be said that the newly elected president has an impact on the price of the cryptomere. There The most significant increase in the price of cryptomere actually occurred when the Libertarian candidate won the summer primaries on August 13.. It then jumped by more than 20% to reach 10.2 million Argentine pesos in 24 hours.
Several Prominent Bitcoiners congratulated Milei on X. “It’s time to try something different. Change is coming, and with it volatility. Let’s see if he stays true to his word and abolishes the central bank,” said Arthur Hayes, co-founder of BitMEX. “Bitcoin is a hope for Argentina. Congratulations Javier Milei,” added MicroStrategy founder Michael Saylor.
However, despite some parallels drawn with Salvadoran President Nayib Bukele, who oversaw his country making bitcoin legal tender in 2021, Milei also does not seem to favor bitcoin as legal tender. Instead, the president-elect campaigned on eliminating Argentina’s central bank and dollarizing a devastated economy that has seen multiple defaults and inflation that has reached nearly 150 percent.
The BTC ETF, best way to benefit from the improvement in BTC?
This “buzz” around Bitcoin in Argentina, and throughout the world for that matter, logically makes investors wonder. They wonder how to take advantage of this increase. THE token BTC ETF, currently in pre-sale, has already raised more than $500,000 and seems to be the attraction of the moment. Derived from cryptomere, its Burn mechanisms are triggered by events related to Bitcoin ETFs, such as first approval and launch dates, among others.
However, the approval of a Spot ETF by the SEC seems to be only a matter of time. She who no longer seems to have a choice, after her decision not to appeal a court decision condemning her refusal to approve Grayscale’s request to modify its fund into a Bitcoin Spot ETF.
The presale is currently in stage 3. $BTCETF can be purchased today at a price of $0.0054 and staked to obtain a Annual Percentage Yield (APY) of 491%. All in order to benefit from a major revolution in the world of cryptos. Because, according to many observers, the impact of a Bitcoin Spot ETF could be comparable to that of the first ETFs based on gold, which were the first to be launched.
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.