Argentine President Javier Milei’s crypto-friendly party, La Libertad Avanza, has won the country’s midterm elections, strengthening his hold on power before the 2027 presidential race. The victory gives a big push to his free-market plans and his goal of bringing cryptocurrencies into Argentina’s economy.
According to local news outlet La Nacion, Milei’s party, La Libertad Avanza, won 40.68% of the votes, beating the long-ruling Peronist party. It even managed to win in Buenos Aires province, which has usually been a Peronist stronghold. Consequently, the victory strengthens Milei’s political base as he continues pursuing economic reforms aimed at reducing inflation and state interference.
“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 comments reflect renewed confidence following a September setback when his party lost the Buenos Aires provincial vote.
Milei’s economic and crypto push
Milei, who is also a former economist, has built his reputation around free-market principles and cryptocurrency adoption. His administration made Bitcoin (BTC) and other digital asset settlements legal in December 2023. Furthermore, the recent $20 billion currency exchange between Argentina and the United States improved economic relations while providing the peso with temporary stability.
However, Milei’s crypto policies have faced challenges. He was linked to the controversial LIBRA token scandal in February. The token, launched by Kelsier Ventures CEO Hayden Davis, skyrocketed to a $4.6 billion market cap after Milei mentioned it on X, then crashed 94% within hours. Although Milei claimed he only “spread the word” about the project, critics accused him of market manipulation.
Argentina’s corruption watchdog cleared Milei of wrongdoing, yet investigations persist. In October, prosecutors ordered a forensic probe into his phone and those of key aides. Additionally, a U.S. judge suggested Milei and his associates may control LIBRA-linked assets, increasing pressure on his administration.
Global and political impact
The U.S. President Donald Trump congratulated Milei on his win, calling him “a wonderful leader” on Truth Social. The U.S. Treasury also confirmed a $20 billion bailout tied to Milei’s continued leadership.
Globally, analysts view his win as a pivotal moment for Latin America’s digital transformation. If Argentina balances innovation and oversight, it could emerge as a crypto hub in the region.
Milei’s midterm win gives him strong political momentum, but how he handles the LIBRA scandal will shape Argentina’s crypto journey.
