Digital asset management firm Grayscale argues that Bitcoin's role could increase following the recent election in Argentina.

According to an analysis shared by Grayscale, the largest digital asset management company, Javier Milei as president of Argentina is likely to boost the country's cryptocurrency adoption.

Milei's ambitious plans to reform monetary policy and possibly close the Argentine Central Bank have set the stage for ripple effects in both the traditional finance and cryptocurrency worlds.

Following Milei's successful bid to become President of South America's second largest economy, Bitcoin prices reached their highest level in over a year and a half, reaching nearly $38,000.

Argentines have long suffered from hyperinflation and the local currency has lost more than 100% of its value compared to the US dollar.

According to Grayscale, Milei's presidency could pave the way for greater acceptance and integration of cryptocurrencies in the Argentine economy, offering a potential solution to these long-standing problems.