Javier Milei is not one to hesitate when it comes to exercise of free speech. This has won him the votes of Argentinians in the 2023 presidential elections. The country’s head of state has been a vocal supporter of Bitcoin (BTC), too, which leaves the question whether or not he will follow El Salvador’s stride in making the cryptocurrency a legal tender.
Javier Milei and Bitcoin
Argentina’s hyperinflation is blamed on the peso’s devaluation. To date, the Argentine peso has inflated by 143% and this trend is not showing any signs of stopping any time soon—unless Javier Milei will be able to implement monetary reforms to ease tensions.
Milei is not shy of criticizing his country’s central bank. He called it a “scam” and a tool used by “politicians to cheat the good people with inflationary tax.” The politician is known as a strong advocate for the adoption of Bitcoin, and he says it “represents the return of money to its original creator, the private sector.” He added that the cryptocurrency “prevents politicians from robbing you through inflation.”
With that, Milei’s win is considered as game-changer for Bitcoin, but we are yet to find out his stance on the subject of making the coin a legal tender or a reserve asset. However, he stated in the past that he is looking to phase out the peso in favor of the US dollar.
Despite his lack of concrete plan for BTC, the crypto community is expecting Milei to make sweeping changes that could pave way for the digital asset’s adoption—mirroring the move of El Salvador.
Milei’s position comes off as surprising considering that he built up his reputation around the traditional finance (TradFi) sector, serving as Chief Economist at Corporación América International and being listed at the World Economic Forum (WEC).
The Argentina Presidential Election
Milei snagged victory against Sergio Massa, the country’s Minister of Economy, with the former getting over 13 million votes against the latter’s 10 million, translating to 55.89%-44.11% margin. The president-elect will take the helm of Casa Rosada on December 10.
The populist president’s often eccentric acts against the mainstream media plus evident disdain for the leftist and “woke” propaganda has earned him the moniker the “Trump of Argentina.”
The connection of Milei and Bitcoin caused the digital currency to jump by 1.39% to over $37,500 in the immediate aftermath of the Argentinian presidential election.
As of this writing at 12:00 PM UTC time on Monday, Bitcoin seems to be maintaining its momentum, displaying a 1.75% rise in the 24-hour frame. Trading volume is significantly up by 37.71% during the same period as the coin swung between a $36,414.60 low and $37,509.36 high.