A Bitcoin fanatic president takes office in Argentina: What about the Dogecoin president?

https://www.blocktempo.com/bitcoin-en...

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The news we are going to introduce today comes from blocktempo
This news was published on November 25, 2023, Taiwan time
The title is: Argentina has a Bitcoin fanatic president taking office: What about the Dogecoin president?

In the Argentine presidential election on November 20, far-right candidate Javier Milei was successfully elected. He had publicly advocated closing the Central Bank of Argentina (BCRA) and held an extremely friendly stance towards Bitcoin. Argentina is currently facing a serious inflation problem, with the annual inflation rate as high as 142.7% in October. Milei supports the Austrian school of economic thought and advocates using the U.S. dollar to replace the Argentine currency peso. He is discussing structural solutions with the International Monetary Fund (IMF). Against this background, Argentina’s crypto market has grown significantly, with the number of new users on local exchange Ripio increasing by 180% in October, and the trading volume of the UXD stablecoin also rising significantly. Ripio CEO Sebastián Serrano believes that even if Milei’s extreme policies may not be fully realized, stablecoins will still play an important role in the Argentine economy, and he recommends reforming the central bank rather than abolishing it. The world is paying attention to Milei's impact on Argentina's economy after he takes office on December 10.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. The correlation between Bitcoin-friendly policies and the overall performance of the crypto market: The article mentioned that Argentina’s newly elected President Javier Milei has an extremely friendly attitude towards Bitcoin. Historically, support from governments or political leaders for cryptocurrencies, especially Bitcoin, tends to boost confidence in the overall crypto market. For example, after El Salvador designated Bitcoin as a legal currency in 2021, it attracted widespread attention and positive reactions from the crypto market. Such policy support often spreads to other cryptocurrencies, including Dogecoin.

2. Argentina’s high inflation and increasing demand for cryptocurrency: The article pointed out that Argentina is facing an annual inflation rate of as high as 142.7%. In the past, during economic crises and high-inflation environments, people often looked to cryptocurrencies as a means to combat inflation and currency devaluation. For example, when Venezuela experienced severe inflation in 2018, local demand for Bitcoin and other cryptocurrencies surged. While Dogecoin is positioned differently than Bitcoin, it could also benefit from this shift in demand.

3. The growth of new users in the crypto market and the benefit potential of Dogecoin: According to the article, the number of new users of Ripio, a local exchange in Argentina, increased by 180% in October. The rapid growth of new users in the crypto market tends to have a positive impact on all major cryptocurrencies, including Dogecoin. As a well-known and easily accessible cryptocurrency, Dogecoin may attract attention and purchases from new investors entering the market.

Overall, given Argentina’s new President Javier Milei’s strong support for Bitcoin, coupled with the country’s high inflation environment and the rapid growth of new users in the crypto market, Dogecoin shows clear bullish potential in such a general environment. Although Dogecoin does not have a public supporter like Milei as the "Dogecoin President", with the entire cryptocurrency market being boosted, it not only brought positive market sentiment to Dogecoin, but also brought positive market sentiment to Dogecoin. This provides a solid foundation for its future price growth, making Dogecoin one of the important cryptocurrencies worth paying attention to for investors. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.