The enduring inflation disaster in Argentina has been a distinguished situation within the South American nation, marked by the Argentine peso experiencing an annual inflation fee exceeding 140% prior to now 12 months. Many crypto proponents have additionally been advocating that Argentina ought to undertake Bitcoin as an inflationary hedge. As a outcome, among the prime Bitcoin proponents are additionally celebrating Milei’s victory.
#Bitcoin is hope for Argentina. Congratulations @JMilei.
— Michael Saylor⚡️ (@saylor) November 20, 2023
Milei has overtly criticized the nation’s central financial institution, denouncing it as a rip-off and a “mechanism through which politicians deceive the public with inflationary taxes.” He additionally views Bitcoin as a motion towards “restoring money to its original creator, the private sector”. In one in every of his previous interviews, Milei stated:
“With legal tender, they scam you with the inflationary tax… Bitcoin is the natural reaction against central bank scammers; to make money private again”.
Yet, he has not proven any inclination to designate Bitcoin as a authorized tender within the nation. However, if he considers it, Argentina could be the second Latin American nation to make Bitcoin a authorized tender, after El Salvador.
Interestingly, Bitcoin maximalist Max Keiser said that he expects three Latin American nations to make Bitcoin a authorized tender by early 2024.
Massa’s views on the financial system, banking, and the cryptocurrency business appear to face in stark distinction to Milei’s. Back in October, he dedicated to introducing a central financial institution digital foreign money (CBDC) within the occasion of being elected, aiming to “address” Argentina’s enduring inflation challenges.
Bitcoin Price Action Ahead
As we strategy nearer to the following Bitcoin halving analysts are turning extremely bullish about Bitcoin. Ali Martinez notes that we’re at the start of a 700-day Bitcoin bull run forward of us until October 2025.
#Bitcoin historical past may repeat itself!
If we mirror #BTC‘s previous bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections counsel the following market peak may land round October 2025.
That means $BTC nonetheless has 700 days of bullish momentum forward! pic.twitter.com/MOUS1CYOn0
— Ali (@ali_charts) November 19, 2023
The famend social media dealer Titan of Crypto lately reaffirmed a pre-halving BTC value forecast of as much as $50,000 on November 19. Bitcoin is encountering robust resistance in its try to surpass the $40,000 threshold; repeated efforts to breach this degree have confirmed unsuccessful over the previous week.
Titan of Crypto has additionally recognized $39,000 as a vital boundary, however this time because the decrease restrict for the place BTC/USD ought to ideally stabilize earlier than the upcoming block subsidy halving occasion in April 2024.
“The pre-halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he stated.
