Javier Milei won the elections in Argentina, and the crypto financial market celebrated. The cryptocurrency quotation, the investment mecca for the representatives of La Libertad Avanza, registered a 33% increase between the beginning of the ballot and the moment when Sergio Massa acknowledged his defeat and Javier Milei’s victory.
Read more about Milei and the digital dollar market, and find the most important financial news from around the world with our companion app Born2Invest, available for free for both Android and iOS devices.
What Milei’s victory means for the crypto sector
The crypto dollar traded on Saturday at $2.9 (1027 pesos), but at the beginning of the election day, it dropped to $2.57 (909 pesos). All financial quotes started to move. The real arm wrestling with the financial-economic power that pushes for an extreme devaluation, in line with Milei’s dollarization, will begin on Tuesday, November 22nd. As a foretaste, crypto moved strongly on Sunday, November 19th.
The cryptocurrency or digital dollar market operates uninterruptedly 24 hours a day. Before the closing of the voting places, there was a high volume of trade. Operations multiplied by five times in relation to any Sunday.
At the beginning of the day, its quotation was $2.55 (902 pesos); at 4:42 p.m. its value for purchase was $2.67 (945 pesos) and at 6:00 p.m. it reached $2.85 (1010 pesos). Such movements foreshadowed what was about to happen. With Massa’s speech about his defeat, it had already jumped to $3,39 (1200 pesos).
Bull runs and dollarization
Monday. November 20th will be a holiday. Therefore, there will be no official dollar quotations, nor the operations used to take money out of the country (CCL). On Tuesday, November 21st, the Central Bank will face a complex day, with scarce reserves.
Milei, the president-elect, has already said that the more the exchange rate in Argentina devalues, and the more expensive it is, the easier it will be for his dollarization plan. That game began to be played on Sunday, November 19th, and on Tuesday, November 21st, there will already be a first diagnosis of the challenges to come.
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