Argentina's President Javier Milei's cryptocurrency-friendly party wins the midterm elections, making him a major contender for the presidential race in October 2027 and solidifying his ongoing push for free market policies.
According to local news media La Nacion, Milei's La Libertad Avanza party secured 40.68% of the votes with nearly 99% of ballots counted, defeating the Peronist party. This includes a victory in the Buenos Aires province, which has historically leaned towards the Peronist party.
This result reverses the situation from September when Milei's party suffered a significant defeat to the Peronist party in the Buenos Aires provincial elections. The most notable development since then may be Argentina's $20 billion currency swap with the United States—despite domestic uncertainties, it has strengthened economic ties with one of its largest allies.
Although the Peronist party still holds a majority in Congress, this result confirms that Milei will again be a frontrunner in Argentina's next presidential election in October 2027.
As a former economist, Milei has focused much of his energy on promoting free markets, reducing inflation, and advocating for less state intervention.
He played a role in legalizing the settlement of Bitcoin (BTC) and other cryptocurrency contracts in December 2023.
However, his work on cryptocurrency policy has been overshadowed by his involvement in the February LIBRA token corruption scandal.
The LIBRA token, launched by Kelsier Ventures CEO Hayden Davis, surged to a $4.6 billion market cap after Milei posted a controversial X post mentioning the token, only to plummet 94% within hours, triggering allegations of insider trading and market manipulation.
Milei stated that he "spread the word" about the LIBRA token in the controversial X post but insisted that he did not promote it.
Argentina's anti-corruption watchdog subsequently cleared Milei of any wrongdoing.
Data from Argentine polling platform Zuban Córdoba found that due to the cryptocurrency scandal, Milei's approval rating dropped from 47.3% in November to 41.6% in March.
The October data from this center-left polling agency shows that 63.2% of Argentines now view Milei negatively, a significant increase of 21 percentage points since March. However, it is worth noting that Zuban Córdoba has widely criticized far-right and libertarian policies.
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Original article: “Javier Milei's cryptocurrency-friendly party wins Argentina's midterms”
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