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Bitcoin (BTC) Falls 10% During First Round of Argentina Elections

2 mins
By Luis Blanco
Translated David Thomas
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In Brief

  • The hype caused by the Argentine elections has come and gone, with Sergio Massa winning in the first round to face Javier Milei in the runoff.
  • The different currencies in Argentina have created a climate of uncertainty as citizens look for alternatives amid high inflation under Massa.
  • Amid much hype, speculation, and uncertainty, the selling price of Bitcoin (NTC) in Argentina fell 10% below its purchase price of 33 million pesos.
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The hype surrounding the recent Argentina elections has come and gone, with Sergio Massa winning the first of two rounds. At the same time, Bitcoin (BTC) dropped considerably in the South American nation.

Massa’s victory increased Bitcoin’s volatility during the first round of Argentine elections before the runoff next November. BTC’s selling price dropped 10% during the election.

Bitcoin Falls 10% as Massa Wins Argentina Polls

The diversity of dollars in Argentina (crypto, wholesale, retail, blue) has created an environment of uncertainty, causing many Argentines to choose cryptocurrencies. Most adopters have resorted to stablecoins to hedge against Argentina’s high inflation.

Read more: Best Upcoming Airdrops in 2023

Following the elections, Bitcoin is trading at 33 million Argentine pesos, according to Ripio, a local exchange. The asset’s selling price fell by almost 10% in the past 24 hours.

Massa Bitcoin Argentina
Bitcoin falls 10% | Source: Ripio

BeInCrypto previously reported how the cryptocurrency spiked during Tuesday’s election. On various platforms, Bitcoin rose well above the crypto dollar.

Massa Bitcoin Argentina
Bitcoin price 43 Million Pesos | Source:

Milei’s Bitcoin Stance Greatly Exaggerated

Despite his partial victory, Massia still has to win the second round against Javier Milei. Massa is the Minister of the Economy of the Argentine Republic, a country experiencing three-digit inflation for the first time since 1991.

The minister has also recently made headlines for his support of an Argentine central bank digital currency (CBDC). 

Many call Massa’s rival Milei the next “Nayib Bukele” because of his apparent pro-Bitcoin stance. However, the crypto community remains skeptical. 

X User @MadisIT summed up the feelings of the crypto community:

“Don’t invent things. Milei has never said he’s pro-Bitcoin. He is pro-liberty. He will close the central bank of Argentina, the government will use USD for taxes but the people and businesses in the private sector can choose any money best see fit. Be it Bitcoin, USD, gold or seashells.”

Do you have something to say about Bitcoin’s 10% drop, Sergio Massa’s victory in Argentina, the devaluation of the Argentine peso, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...