- Argentina’s newly elected President, Javier Milei, is a well-known pro-Bitcoin, causing excitement in the crypto community.
- The self-described anarcho-capitalist has been supportive of bitcoin, calling it “the return of money to its original creator, the private sector.”
- Milei has previously criticized the country’s central bank, suggesting a potential change in Argentina’s monetary policy.
The next president of Argentina will be Javier Milei as his opponent Sergio Massa conceded on Sunday evening, saying “Argentines chose another path.”
Provisional results showed Milei had nearly 56% of the vote compared with 44% for his rival, economy minister Sergio Massa. Almost 90% of votes have been counted, and Massa has already conceded, according to reports.
In a victory speech to supporters in Buenos Aires on November 19, Milei said,
“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline. The model of decadence has come to an end. There is no way back.”
“Argentina will return to its place in the world that it should never have lost. We are going to work shoulder-to-shoulder with all nations of the free world, to help build a better world.”
Former US President Donald Trump congratulated Milei on his victory, saying he would “Make Argentina Great Again!”.
He was also congratulated by MicroStrategy CEO Michael Saylor, who said,
“Bitcoin is hope for Argentina. Congratulations J.Milei.”
Bitcoiner Max Keiser called for a meeting between Milei and El Salvador’s President Nayib Bukele on Bitcoin.
It was also reported that hyper-inflated Argentinian pesos were being thrown in the air as confetti to celebrate the victory.
According to Trading Economics, inflation in Argentina is currently a whopping 142.7%. Moreover, Bitcoin prices surged to an all-time high in Argentina against the local currency earlier this year.
BTC is currently at its highest-ever level against the Argentinian peso. Investors will need more than 13 million ARS to buy one Bitcoin at the moment, according to CoinGecko.
Central Bank Is a Scam
Milei, a self-styled anarcho-capitalist, has previously called the country’s central bank a scam.
He previously argued that:
“The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax.”
“We have to understand that the central bank is a scam,” said Milei earlier this year when asked about bitcoin. “What bitcoin is representing,” he continued, “is the return of money to its original creator, the private sector.”
Milei to this point, however, has not gone as far as proposing making bitcoin legal tender. He’s instead calling to eliminate the country’s central bank and dollarizing an Argentine economy that’s been walloped by inflation that reached 142% in October.