Coinspeaker
Argentina President Javier Milei Promotes Bitcoin and Free Currency Competition
Milei’s stand on cryptocurrency was more evident in his latest post on X, where he responded to a comment from Gabor Gurbacs, a former executive at VanEck. In the post, the president said that there would be free competition for currencies, and anyone who wishes to use Bitcoin (BTC price data) would be allowed to do so without any hindrance. He said:
“There will be free competition of currencies so if you want to use Bitcoin there will be no problems… and you can also use other units such as WTI, BTU and the one that is most appropriate for your business… In accounting terms, it is solved by the functional currency method..”
The president’s statement shows his readiness to ensure crypto adoption in Argentina and become a leading figure in the crypto industry. Gabor expressed his approval of Milei’s stance, drawing similar parallels between the Argentinian president and Nayib Bukele of El Salvador, who has ensured the adoption of Bitcoin as legal tender in his country. This, among other reasons, prompted the former executive at VanEck to say that the world has so much to learn from the two presidents.
The work that Presidents @JMilei and @nayibbukele are doing on free markets, Bitcoin as well as local safety and prosperity is commendable. The world has much to learn from the modern economic blueprint in Central and South America, with Argentina and El Salvador leading. https://t.co/f1AAIu0OE9
— Gabor Gurbacs (@gaborgurbacs) June 19, 2024
Central Bank “Scam” Fuels Milei’s Crypto Advocacy
Before now, Milei has always critiqued traditional monetary policies, particularly the central banks, describing them as scams and mechanisms by which politicians cheat good people with high taxes. The president sees cryptocurrencies as a potential solution to Argentina’s economic woes. He stated:
“With legal tender, they scam you with the inflationary tax… Bitcoin is the natural reaction against central bank scammers; to make money private again.”
However, Milei’s crypto advocacy has not been without criticism. Earlier this month, his administration introduced a national registry for crypto exchanges in the country aimed at restricting controls of virtual asset service providers, a move that some have perceived as contradictory to his digital asset advocacy. Nonetheless, Milei remains steadfast in his vision to integrate Bitcoin more deeply into Argentina’s economic framework, believing it can leverage its scarcity-driven growth model and decentralized nature to empower citizens.
International Attention Grows on Milei’s Pro-Crypto Agenda
The president’s effort has gained the attention of many, not only within Argentina but also internationally, as he has gained the interest of world leaders like Elon Musk. Musk has also endorsed investing in Argentina amid the country’s positive economic developments.
Also, the cryptocurrency community has closely monitored Milei’s policy-making and crypto support, with figures like Cardano (Ada price data) founder Charles Hoskinson expressing interest in expanding to Argentina.
With the strong support for digital assets, the world would be watching the Argentina government closely in terms of how it handles cryptocurrency. There have been suggestions that the government should adopt BTC as part of the country’s treasury, just like El Salvador. However, Milei is yet to take any step in that aspect, although the Argentinian government is joining forces with El Salvador to form its Bitcoin adoption system.
Argentina President Javier Milei Promotes Bitcoin and Free Currency Competition
