Buenos Aires election results: the crypto dollar soared due to the 'Kuka risk'

The outcome of the legislative elections in the Province of Buenos Aires caused an immediate shock in the financial markets. After Fuerza Patria, the Kirchnerist coalition, was confirmed as the winner, the crypto dollar soared in a single day from $1,374 to $1,470 according to the Coinmonitor site. This jump reflects investors' fear of a possible return to economic interventionism.

The currency reaction was clear: the electoral defeat of La Libertad Avanza set off alarms in the financial market. The rise of the dollar was interpreted as a vote of no confidence in Kirchnerism, which the market identifies as a risk to macroeconomic stability. The term "Kuka risk," already established among analysts and operators, translated into a run on the dollar and an increase in volatility.

The contrast with Milei

Until the Friday before the elections, Javier Milei's government had managed to contain expectations with a relatively stable dollar and declining inflation, its most visible economic achievement in 21 months of administration. However, the election results reversed that calm.

The market replied with a sharp move: the crypto dollar, which operates 24 hours a day, was already anticipating the tension since Friday's close and maintained the upward trend throughout the entire election day, reaching $1,407 on international exchanges before the first official data was released.

PBA 2025 election results

With 83.03% of polling stations counted and a turnout of 63.19%, Fuerza Patria receives 46.93% of the votes (3,264,993 ballots), clearly prevailing in the province of Buenos Aires.

In second place is La Libertad Avanza with 33.85% (2,355,286 votes), followed by Somos Buenos Aires with 5.41% (376,993 votes) and the Frente de Izquierda y de Trabajadores-Unidad with 4.37% (304,595 votes).

Fuerza Patria prevails in the first, second, third, fourth, seventh, and eighth sections, while La Libertad Avanza wins in the fifth and sixth.