Pro-Bitcoin Javier Milei trails as Argentina’s presidential election goes to run-off
Pro-Bitcoin (BTC) presidential candidate Javier Milei failed to secure victory in the first round of the Argentine presidential election and is now set to face off against economy minister Sergio Massa in a Nov. 19 run-off vote.
On Oct. 23, election results provided by Bloomberg show with over 90% of the vote counted — Massa was in the lead with over 36% support, while Milei trailed with just over 30% of the vote.
The presidential hopefuls needed 45% of votes or 40% with a lead of 10 percentage points to have outright won the presidency.
The result could be seen as unexpected as Milei won the most votes in the country’s primary presidential election in August capturing around 30% of the vote, which initially put him as the presidential frontrunner.
Milei calls himself an anarcho-capitalist, has rallied to slash the size of the government and abolish Argentina’s central bank claiming it’s a scam. He also plans to ditch the Argentinian peso for the U.S. dollar, mirroring the Bitcoin-friendly El Salvador.
Milei’s Liberty Advances (La Libertad Avanza) coalition has been described as anywhere between libertarian and far-right populist.
Related: Bitcoin soars in Argentina as Javier Milei wins presidential primary
Milei has also called Bitcoin a reaction against “central bank scammers” and claimed fiat currency allows politicians to scam Argentines with inflation.
Massa, on the other hand, has pledged to launch a central bank digital currency (CBDC) if elected to “solve” Argentina’s long-lasting inflation crisis and has squashed the idea of adopting the dollar.
The vote comes amid 40% of Argentines facing poverty and tiring of the country’s mounting debt crisis. Annual inflation is also closing in on 140%.
Argentina will again head to the polls on Nov. 19. The candidate with the most votes will win the presidency for a four-year term.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
Reform UK chairman Zia Yusuf has reversed his decision to quit the party, saying “the mission is too important” and that he “cannot let people down”.
Instead, he said he will return in a new role, heading up an Elon Musk-inspired “UK DOGE” team.
In a statement, he said: “Over the last 24 hours I have received a huge number of lovely and heartfelt messages from people who have expressed their dismay at my resignation, urging me to reconsider.”
He added: “I know the mission is too important and I cannot let people down.
“So, I will be continuing my work with Reform, my commitment redoubled.”
Mr Yusuf said he would be returning in a new role, seemingly focusing on cuts and efficiency within government.
He said he would “fight for taxpayers”.
Only two days prior, Mr Yusuf dramatically handed in his resignation.
He claimed he no longer thought getting a Reform government elected was a “good use of my time” – but has now seemingly changed his mind.
Reform UK leader Nigel Farage welcomed the news of Mr Yusuf’s return.
He said: “I am delighted that Zia Yusuf will head up Reform UK’s DOGE department.”
Nigel Farage welcomed Zia Yusuf’s return. File pic: PA
Read more:
Why did Zia Yusuf resign as chairman of Reform UK?
Reform’s rise forces rethink for SNP
‘Farage could become PM’
Mr Yusuf’s initial decision to quit came after he publicly distanced himself from the party’s new MP, Sarah Pochin, when she asked Sir Keir Starmer about banning the burka at Prime Minister’s Questions.
Reform said a ban was not party policy – and the chairman called it a “dumb” thing to ask.
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What is DOGE?
DOGE is a meme-coin inspired creation of Musk’s, standing for the Department of Government Efficiency.
It is the latest right-wing US import into British politics.
Before his public fallout with Donald Trump, the tech billionaire said his focus was saving taxpayers’ money by locating wasteful spending within government and cutting it.
Read more: How Elon Musk’s mission to cut government spending fell flat
However, opposition politicians questioned the impact of his efforts and how much he actually saved.
Musk initially had ambitions to slash government spending by $2trn (£1.5trn) – but this was dramatically reduced to $1trn (£750bn) and then to just $150bn (£111bn).
Singapore’s ousting of unlicensed firms was not a sudden move and it’s among several regions tightening licensing duties.
Allegations on the president’s ties to the crypto industry and claims of “Trump derangement syndrome” clouded attempts to reach an agreement on a market structure bill in Congress.
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