Bitcoin surged past the $37,000 mark following the victory of pro-Bitcoin politician Javier Milei in the Argentine presidential election. Milei, an anarcho-capitalist, secured 55% of the votes, a significant political shift in the nation.
Milei is a strong advocate of decentralized finance (DeFi) and a critic of central banks. His win has been met with enthusiasm by the cryptocurrency community, who are confident about the potential impact of a pro-Bitcoin leader in Argentina. Milei has not proposed making Bitcoin legal tender in the country, but his commitment to reducing the influence of central banks and embracing decentralized financial systems has had a positive effect on Bitcoin’s price.
The broader cryptocurrency market also experienced an increase of almost 2% in the past 24 hours, with the AI-focused token sector leading the gains. Investors are, however, being cautious as they anticipate market reactions following the release of Federal Reserve meeting notes on Tuesday.
This news is a major milestone in the intersection of politics and cryptocurrency, highlighting the increasing influence of political leaders on the digital asset market.