After the close of the election and the recognition of Sergio Massa's defeat, savers went out to buy crypto dollars, and around 20 p.m., then, that currency exceeded $1,200 on the main platforms in the country. After the winner was announced, the currency loosened, and with Javier Milei's first definitions it stabilized at $1,050.
Although at first it was even lower than last night - it was offered at $1,035 - after some definitions were known (nationalization of YPF and public media; and that he will also get his hands on Aerolíneas Argentinas, among others) of the president-elect, the crypto dollar returns to the terrain in which it had managed to stabilize last night, around $1,050 and up to $1,100.
Without the official dollar reference, due to the holiday, and with the caves closed to buy blue dollar, the crypto is the only reference that allows the price of the currency to be checked throughout this long weekend. These quotes are a compass and can be used to anticipate the values that the rest of the dollars will take in the free market, such as the blue, the MEP and the spot with settlement, starting on the first business day of the week, which will be only on Tuesday. This Monday, November 20, is a national holiday for National Sovereignty Day, so there are no financial operations.
The blue dollar closed last Friday, prior to the runoff, at $950 for sale.
"The purchase of stablecoins increased by 200% during the last few hours," BuenBit explained.
In this sense, they added that "during the period affected by the electoral process in Argentina, there was an increase in the intention to buy stablecoins anchored to the value of the US dollar. After an increase of 50% sustained during the fifteen days after the PASO and 60% after the first round of elections, the increase is now 200%."
This behavior of demand is similar to what was recorded during the days after the PASO and the first round of elections, when, according to Buenbit sources, "there was an increase in the purchase of stable cryptocurrencies anchored to the value of the US dollar of the order of 60%, compared to previous weeks."
The stablecoins most demanded by users of the crypto platform, which has more than 800 thousand users in Argentina, were DAI and USDT.
In this regard, Federico Ogue, CEO of Buenbit, explained that "the purchase of stablecoins represents a strategy to protect the value of pesos that today are rapidly depreciated by inflation."
And in this sense, he stressed that "people value the possibility of acquiring crypto and also of having their money instantly".
Fintechs like Buenbit allow you to buy stablecoins and earn returns similar to those of a fixed term, but with several additional advantages. These include the ability to trade 24 hours a day, with no maximum or minimum limits, and receive daily returns that tend to be higher than those of a fixed term. In addition, the user has the freedom to decide when to withdraw their money, without being subject to a certain period.
Finally, Buenbit's CEO explains that, when acquiring a stablecoin just like any other asset, it is important to find out about its operation, market capitalization, circulation, the exchanges on which it is listed, and its history in relation to the peg. It is also crucial to understand if it is regulated in any jurisdiction or if it is a decentralized alternative.
For PPI analysts, a moderate Milei would be the one that gives "signs of renunciation or postponement of dollarization" and "from a political approach, the support of the PRO will be relevant both in the economic teams and in the government structure."
"With a more radicalized Milei, if he ratifies dollarization and the closure of the Central Bank, which would imply ignoring the alleged governance agreements with the PRO, the CCL would gain greater momentum; could climb to the highs of October 20 ($1,090 today), when dollarization was the base case," they predicted.
For Delphos, "if the emphasis on dollarization or 'currency competition' continues without further details in the short term, we could return to the highs of the CCL, with greater turbulence for assets in pesos. And they added that "the appointment of the economy minister will also be awaited with great attention."