The unexpected win of La Libertad Avanza, the pro-crypto party of Argentine President Javier Milei, in the nation’s midterm elections has solidified his hold on Congress and rekindled discussion about the country’s economic future and growing reliance on digital assets.
According to local publication La Nación, Milei’s party earned 40.68% of the national vote, sweeping important regions like Buenos Aires province, long considered a Peronist bastion.
The win for crypto
La Libertad Avanza has quadrupled its presence in Congress, gaining 101 members in the lower house (up from 37) and 20 seats in the Senate (up from six) with almost 99% of the votes recorded.
Milei is once again the front-runner after the win solidifies his authority ahead of the October 2027 presidential election.
Milei referred to the victory as a “turning point” and said Argentina had “left decadence behind and opted for progress” in remarks to fans following the victory.
Investor concerns that Milei’s market reform may stall have also been allayed by the parliamentary victory.
After the results, Argentine assets rebounded, and on Sunday, the peso saw increases in cryptocurrency trading platforms.
Inflation and crypto adoption in Argentina
As the value of the peso declines and monthly inflation rates continue to be high, Argentines are increasingly using cryptocurrencies and stablecoins. This change demonstrates Web3 technology’s potent, practical use.
In the end, it gives them a crucial escape route. Since Bitcoin and dollar-pegged stablecoins are evolving from speculative assets to essential instruments for everyday savings and fundamental financial inclusion, the crisis therefore underscores a developing worldwide trend in emerging nations.
The history of the President with crypto
Earlier, President Javier Milei had supported local firms by endorsing a cryptocurrency token, but the action rapidly backfired. In a post on X, Milei advertised the LIBRA token, saying the money earned will benefit Argentina’s small and medium-sized businesses.
Following Milei’s February social media advertising, Argentina’s lawmakers soon decided to look into LIBRA’s involvement.
Three draft resolutions were passed by lawmakers in the Chamber of Deputies. In order to carry out a comprehensive inquiry, the proposals aim to establish a special commission.
However, President Javier Milei has been formally freed of any ethical transgressions related to his support of the LIBRA memecoin by Argentina’s Anti-Corruption Office.
The momentum has drawn important players from throughout the world. Early in 2025, Coinbase obtained VASP registration, which gave it complete regulatory clearance to grow its local business and include peso payment options.