Anti-establishment candidate Javier Milei, who had been heavily touted as the front-runner in Argentina’s presidential election, currently finds himself in second place as 90% of the votes have been counted.
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$30,645 Javier Milei, the presidential contender, failed to secure an outright victory in the initial round of the Argentine presidential election. He is now set to engage in a run-off election against the incumbent economy minister, Sergio Massa, scheduled for November 19th. The latest election results, released by Bloomberg on October 23rd, indicate that Massa is leading with over 36% support, while Milei trails behind with slightly over 30% of the vote. To secure the presidency outright, the presidential hopefuls needed either 45% of the votes or 40% with a lead of 10 percentage points. This outcome may be perceived as somewhat unexpected, considering that Milei secured the most votes in the country’s primary presidential election back in August, initially positioning him as the front-runner with approximately 30% of the vote.
Milei, who identifies as an anarcho-capitalist, has been advocating for substantial reductions in the size of the government and the abolishment of Argentina’s central bank, which he denounces as a fraudulent institution. He also plans to replace the Argentine peso with the United States dollar, taking a page from the Bitcoin-friendly policies of El Salvador. Milei’s political coalition, “Liberty Advances” (La Libertad Avanza), has been characterized as spanning the spectrum from libertarian to far-right populist. He has also voiced strong support for Bitcoin, framing it as a reaction against “central bank scammers” and arguing that fiat currency enables politicians to exploit the Argentine population through inflation. On the contrary, Massa has pledged to introduce a central bank digital currency (CBDC) if elected, with the aim of addressing Argentina’s long-standing inflation crisis, firmly opposing the adoption of the dollar. These developments unfold against the backdrop of 40% of Argentines grappling with poverty and growing concerns about the country’s escalating debt crisis. Additionally, annual inflation is nearing a staggering 140%. Argentines are slated to return to the polls on November 19th, and the candidate with the most votes will secure the presidency for a four-year term.
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