Argentina’s New President Javier Milei Is Pro-Bitcoin–What Does That Mean?

One more far-right politician has backed Bitcoin.

In an surprising victory, presidential candidate Javier Milei, identified 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 some have positioned on the far proper of the political spectrum—has been lauded by the so-called “protest voter,” amongst which cryptocurrency advocates make up an enormous half.

Adam Dubove is an Argentine Bitcoin fanatic who voted for the primary time in eight years, “due to Milei.”

He instructed Decrypt that it’s not essentially due to Bitcoin, however reasonably “a special mindset,” and somebody who will “fire up the hen.”

Milei has appeared on a number of speak reveals earlier than and through his presidential marketing campaign, preaching the advantages of Bitcoin and crypto.

The self-proclaimed libertarian economist has known as Bitcoin (and a few of its competitors, like Ethereum) a “return of cash to its authentic creator: the non-public 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, nevertheless.

Milei, Ponzi schemes and the central financial institution

He was sued for allegedly selling a Ponzi scheme in Argentina known as Coinx, which is being accused of stealing not 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 identified for is his unabated bashing of the nation’s central financial institution.

Final yr he claimed he would “blow it up,” which he has known as a rip-off for dishonest “good individuals” by means of inflationary tax.

Argentina presently suffers from rampant inflation, clocking in at 135% this yr.

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 response to Chainalysis, ranks Argentina’s crypto adoption at thirteenth worldwide.

Whereas some within the crypto house are hopeful Milei may push for an El Salvador-style Bitcoin commonplace, or different related pro-crypto measures, the eccentric presidential hopeful won’t be so prepared.

Final month, for instance, he introduced his intentions to “dollarize” the Argentine economic system.