According to CoinDesk, Argentina's presidential election next month will be contested between current Finance Minister Sergio Massa and self-described anarcho-capitalist Javier Milei. In the first round of voting on Sunday, Massa secured 37% of the votes, while Milei came in second with 30%. Milei had been considered the favorite after winning the August primary presidential vote.
Milei has previously expressed support for bitcoin, stating that it 'represents the return of money to its original creator, the private sector.' He has also called for the abolishment of Argentina's central bank, labeling it a 'scam.' Unlike El Salvador's president Nayib Bukele, who led efforts to make bitcoin legal tender in his country, Milei has advocated for a 'dollarization' of Argentina's economy, where the inflation rate recently reached 124.4%. However, Barclays analysts suggest that consensus for a dollarization proposal is not particularly strong.
On the other hand, Massa opposes dollarizing the economy and has previously expressed interest in launching a central bank digital currency (CBDC) to help address Argentina's inflation crisis. The run-off election is scheduled for November 19, with both candidates aiming to gain support from third-place finisher Patricia Bullrich, who received approximately 24% of the vote.
