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Pro-Bitcoin Javier Milei Becomes New President of Argentina

2 mins
Updated by Kyle Baird
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In Brief

  • Argentina's newly elected President, Javier Milei, is a known Bitcoin supporter, causing excitement in the crypto community.
  • Amid economic crisis and inflation, Milei's victory could signal a shift towards cryptocurrency in Argentina's financial system.
  • Milei has previously criticized the country's central bank, suggesting a potential change in Argentina's monetary policy.
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Argentina will be waking up to a new President this week after far-right libertarian outsider Javier Milei won at the polls over the weekend. The result has been praised by the crypto community as Milei is pro-Bitcoin and anti-central banks. 

Moreover, the election comes at a tough time for Argentina, which is battling soaring inflation and an economy in crisis.

A Pro-Bitcoin President in Argentina

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.”

He continued:

“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!”.

Read more: 7 Ways To Handle Retirement With Increasing Inflation

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 a Bitcoin at the moment, according to CoinGecko.  

BTC/ARS 4 years. Source: CoinGecko
BTC/ARS 4 years chart Source: 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.”

He also previously commented that Bitcoin “represents the return of money to its original creator, the private sector.”

South American leaders in Brazil and Chile contributed to the congratulatory messages for Argentina’s new President.

Top crypto platforms in the US | December 2023

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin Young
Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.
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