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

2023-10-25 17:15

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.

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.

Bitcoin price 43 Million Pesos | Source: Coinmonitor.info 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 TikTok, Facebook, or X (Twitter).

The post Bitcoin (BTC) Falls 10% During First Round of Argentina Elections appeared first on BeInCrypto.

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