Argentina's Newest Presidential Candidate Javier Milei Is Pro-Bitcoin–What Does That Mean?

Republished By Plato

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Yet another far-right politician has backed Bitcoin.

In an unexpected victory, presidential candidate Javier Milei, known for his pro-Bitcoin and libertarian economics, earned the top spot in Argentina’s primary 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 slightly less than a 2% margin.

The candidate—which some have placed on the far right of the political spectrum—has been lauded by the so-called “protest voter,” among which cryptocurrency advocates make up a huge part.

Adam Dubove is an Argentine Bitcoin enthusiast who voted for the first time in eight years, “because of Milei.”

He told Decrypt that it’s not necessarily because of Bitcoin, but rather “a different mindset,” and someone who will “stir up the hen.”

Milei has appeared on multiple talk shows before and during his presidential campaign, preaching the benefits of Bitcoin and crypto.

The self-proclaimed libertarian economist has called Bitcoin (and some of its competition, like Ethereum) a “return of money to its original creator: the private sector.”

He also touted Bitcoin’s finite supply and considers cryptocurrency a safer alternative to transacting in gold or silver.

Not all is rosy in Milei’s connection to cryptocurrency, however.

Milei, Ponzi schemes and the central bank

He was sued for allegedly promoting a Ponzi scheme in Argentina called Coinx, which is being accused of stealing at least $800,000 in Argentine pesos.

Milei denied any wrongdoing, claiming the company did the same as a bank does.

What he’s mainly known for is his unabated bashing of the country’s central bank.

Last year he claimed he would “blow it up,” which he has called a scam for cheating “good people” through inflationary tax.

Argentina currently suffers from rampant inflation, clocking in at 135% this year.

Although the country’s Central Bank made anti-crypto moves through a recent ban on digital wallets, not much has changed in the burgeoning crypto scene, which according to Chainalysis, ranks Argentina’s crypto adoption at 13th worldwide.

While some in the crypto space are hopeful Milei might push for an El Salvador-style Bitcoin standard, or other similar pro-crypto measures, the eccentric presidential hopeful might not be so willing.

Last month, for example, he announced his intentions to “dollarize” the Argentine economy.