Trump Congratulates Pro-Bitcoin President Javier Milei On Victory In Midterms Amid Ongoing Bailout Controversy, Says His Confidence Was ‘Justified’
Argentine President Javier Milei‘s party secured a decisive victory in the midterm legislative elections, local media reported on Sunday.
Trump Cheers Milei’s Victory
The right-wing libertarian La Libertad Avanza won 41% of the votes nationwide, beating the centre-left Peronist coalition by 9 points, according to Clarín, Argentina’s largest newspaper.
President Donald Trump congratulated Milei on the victory through his Truth Social account, stating, “He is doing a wonderful job! Our confidence in him was justified by the People of Argentina.”
This win augurs well for the Trump administration, which recently finalized a $20 billion financial bailout for Argentina in the form of a currency swap, contingent on Milei remaining in power. Treasury Secretary Scott Bessent said the department bought pesos in the “Blue Chip Swap” and spot markets in a bid to “stabilize” Argentina.
The move, however, has drawn questions from U.S. lawmakers, especially Sen. Elizabeth Warren (D-Mass.), about the prioritization of foreign aid during fiscal constraints.
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Milei’s Austerity Measures
A free-market proponent, Milei secured victory in the 2023 presidential elections after promising large cuts in public spending to address Argentina’s fiscal deficit and increasing inflation. After only nine weeks in office, the government recorded its first budget surplus in over 12 years.
Since the inauguration, the Milei administration has managed to reduce monthly inflation from 12.8% to 2.1%, according to Reuters.
A Crypto Advocate
Milei’s libertarian stance is also shown in his support for Bitcoin (CRYPTO: BTC), the world’s largest cryptocurrency. He previously praised Bitcoin’s scarcity-driven growth model, referring to the currency as a means of returning monetary power to people.
However, earlier this year, he courted controversy after promoting a scam-tainted token. He endorsed a Solana (CRYPTO: SOL)-based LIBRA token on X, causing it to gain billions in market capitalization, only to crash 90% within the next few hours. As of this writing, the token was down 99% from its peak.
Milei said that he never promoted the coin, and anyone who invested in the coin did so voluntarily.
Photo Courtesy: Lev Radin on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.