El Salvador has embraced the rise of Blockchain technologies by making the majority of cryptocurrencies legal in the region. There has been a shift of power in Argentina, and Cardano’s founder believes that Argentina could be the next region to do so. This comes after Javier Milei wins the election, is set to become the next president, and is scheduled to take over the office effective December 10 this year. Charles Hoskinson has described him as a perfect candidate to have won the election.
Prior to this, Javier had declared his intention to investigate alternative financial systems in an effort to alleviate the issues inherent in traditional systems. This concerns elevated levels of inflation and the potential for economic manipulation. Milei, a candidate, believes there is an urgent need to adopt a monetary system chosen for the betterment and exhibiting freedom in every way.
It is unsure how the chosen government will work to add decentralized digital tokens over traditional movements of currencies or how they will replace them entirely. However, the chances of cryptocurrencies gaining momentum in Argentina are now higher than before.
Hoskinson has also hailed Javier because he is the candidate who understands that the real problem is the government itself. Argentina’s Peso is currently struggling, experiencing hyperinflation and the devaluation of its native fiat currency. Argentina’s Peso is trading at 358.94 for a single US Dollar.
Top digital tokens such as Bitcoin are now allowed in the country, with some hoping that it will help solve the declining purchasing power dilemma.
Milei has pledged to close the center and has assembled a team to do it when they take over the office in December 2023. The pledge he made during his campaign for the presidency remains non-negotiable, according to him.
Cardano enthusiasts are hopeful that Javier’s taking over the presidency in Argentina will back their tokens in a better way. Bitcoin is legal along with other tokens, and now Cardano could make a suitable pitch to be held by the people of the country.
This has not done any good to ADA in the last 24 hours, as the token is rallying at $0.373, a slip of ~3.47% at the time of drafting this piece. It is a jump of 26.32% in the month, but still a fall of 3.72% in the last 7 days. Cardano future predicts that the token could surpass the mark of $0.88 by the end of this year. Assuming the sentiments continue to be bullish in the next year, ADA could even touch the milestone of $1.10 by the end of next year.
IOG and Hoskinson are currently finding a way to pitch the deployment of projects on their network to Javier if Argentina indeed commits to pursuing Blockchain and crypto innovation.