Argentine President Milei’s Party Wins Midterm Elections
Argentine President Javier Milei’s crypto-friendly party, La Libertad Avanza, won the country’s midterm elections. This victory strengthens Milei’s political power ahead of the 2027 presidential race. His free-market plans and efforts to integrate cryptocurrencies into Argentina’s economy gained a significant boost.
Local news outlet La Nacion reported that La Libertad Avanza won 40.68% of the votes. The party defeated the long-ruling Peronist party and won in Buenos Aires province, traditionally a Peronist stronghold. This victory solidifies Milei’s political base to pursue economic reforms that aim to reduce inflation and state involvement.
“During the first two years, we avoided falling off the cliff,” Milei said. “In the next two years, we will continue the reformist path to make Argentina great again.” His statement follows a setback in September when his party lost the Buenos Aires provincial vote.
Milei’s Economic and Cryptocurrency Policies
Milei, a former economist, supports free-market policies and cryptocurrency adoption. His government legalized Bitcoin (BTC) and other digital asset settlements in December 2023. A recent $20 billion currency agreement between Argentina and the United States also helped stabilize the peso temporarily.
Despite these efforts, Milei’s crypto policies faced challenges. In February, he was linked to the controversial LIBRA token scandal. The token, launched by Kelsier Ventures CEO Hayden Davis, surged to a $4.6 billion market cap after Milei mentioned it on X, but then lost 94% of its value within hours. Milei said he only “spread the word,” but critics accused him of market manipulation.
Argentina’s corruption watchdog cleared Milei of wrongdoing, yet investigations continue. In October, prosecutors ordered a forensic examination of Milei’s phone and those of key aides. A U.S. judge also suggested that Milei and his associates might control LIBRA-related assets, increasing legal scrutiny.
International Response and Future Outlook
Former U.S. President Donald Trump congratulated Milei on his election win, calling him “a wonderful leader” on Truth Social. The U.S. Treasury confirmed a $20 billion financial agreement linked to Milei’s continued leadership.
Analysts see Milei’s victory as a key moment for Latin America’s digital transformation. If Argentina balances innovation with regulation, it could become a regional crypto hub.
Milei’s midterm win gives him strong momentum. However, how he manages the LIBRA scandal will affect Argentina’s crypto future.
