Pro-Bitcoin Argentine presidential candidate is rising in the polls

Liberal economist and pro-Bitcoin presidential candidate Javier Milei is gaining ground among Argentine voters, per Bitcoin Magazine.

Country in economic crisis

Inflation in the consumer price index (CPI) has grown month by month since April 2022 and is currently 104.3%.

To make matters worse, the peso continues to slide against the dollar in a pattern that resembles a slow rye memecoin.

Since the beginning of the year, the peso has lost 24% against the dollar – hitting record lows with each passing week. It takes about 250 pesos to buy one dollar at the official exchange rate.

However, according to Al Jazeera, exchange controls limit foreign currency – leading to a black market exchange rate that costs up to 500 pesos to buy one dollar.

In an effort to curb inflation and reverse currency devaluation, the central bank raised interest rates by a staggering 10% to 91% last month.

Argentina has a loan of 44 billion dollars from the International Monetary Fund (IMF). Talks are currently underway to “redesign” the program – including moving a $10.6 billion payout until next month.

The IMF’s opposition to Bitcoin has raised questions about its political influence over countries it lends money to.

Bitcoin nears record high in Argentine pesos

Milei takes a laissez-faire approach to economics and politics – meaning he believes in free markets with minimal government intervention. His manifesto has included a plan to dollarize the Argentine economy – which has polarized voters.

While this plan could stabilize and strengthen the peso, critics argue it could also trigger a run on the native currency. In addition, they question where Milei would raise the necessary dollars to support the plan.

Milei recently appeared on national television, where he slapped a model of a central bank as one pinata — indicates his view of conventional economics. Earlier this year he said Bitcoin could eliminate the central bank.

Polls indicate that 59.2% of Argentines seek “total change” of government – which aligns well with Mileu’s campaign which focuses on doing away with conventional politicians.

Similarly, the poll revealed that across hypothetical scenarios of presidential and vice presidential combinations, Milei also got the nod from respondents.

“In all three potential lineups, Milei emerged with the highest voting intention, hovering between 23.7 and 24.3 percent.”

But before Milei can win the presidency, he must first face the primary election, which is scheduled for August 13.

Meanwhile, in another poll as such, Argentine demand for Bitcoin sends the price to 6,341,980 pesos. Its record peso price was 6,735,710 – achieved at the market peak in November 2021.