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One more high-profile politician is backing Bitcoin.
In an sudden victory, presidential candidate Javier Milei, recognized for his pro-Bitcoin and libertarian economics, earned the highest spot in Argentina’s main yesterday.
Milei and his coalition, La Libertad Avanza, raked in over 30% of the votes, beating second-place contender, the center-right coalition, Juntos Por El Cambio, by barely lower than a 2% margin.
The candidate—which critics have positioned on the far proper of the political spectrum—has been lauded so-called protest voters, and amongst them cryptocurrency advocates.
Adam Dubove is an Argentine Bitcoin fanatic who voted for the primary time in eight years, “due to Milei.”
He informed Decrypt that it’s not essentially due to Bitcoin, however fairly “a distinct mindset,” and somebody who will “fire up the hen.”
Milei has appeared on a number of discuss exhibits earlier than and through his presidential marketing campaign, preaching the advantages of Bitcoin and crypto.
The self-proclaimed libertarian economist has referred to as Bitcoin (and a few of its competitors, like Ethereum) a “return of cash to its authentic creator: the personal sector.”
He additionally touted Bitcoin’s finite provide and considers cryptocurrency a safer various to transacting in gold or silver.
Not all is rosy in Milei’s connection to cryptocurrency, nonetheless.
Milei, Ponzi schemes and the central financial institution
He was sued for allegedly selling a Ponzi scheme in Argentina referred to as Coinx, which is being accused of stealing no less than $800,000 in Argentine pesos.
Milei denied any wrongdoing, claiming the corporate did the identical as a financial institution does.
What he’s primarily recognized for is his unabated bashing of the nation’s central financial institution.
Final 12 months he claimed he would “blow it up,” which he has referred to as a rip-off for dishonest “good individuals” by means of inflationary tax.
Argentina at present suffers from rampant inflation, clocking in at 135% this 12 months.
Though the nation’s Central Financial institution made anti-crypto strikes by means of a latest ban on digital wallets, not a lot has modified within the burgeoning crypto scene, which in accordance with Chainalysis, ranks Argentina’s crypto adoption at thirteenth worldwide.
Whereas some within the crypto area are hopeful Milei may push for an El Salvador-style Bitcoin customary, or different related pro-crypto measures, the eccentric presidential hopeful won’t be so keen.
Final month, for instance, he introduced his intentions to “dollarize” the Argentine economic system.
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