According to Cointelegraph: Javier Milei's victory in Argentina's presidential race has been met with uniquely positive sentiments from the country’s Bitcoin community. The outspoken libertarian, who has previously exhibited positive attitudes about Bitcoin, won the presidential election on November 19.
Milei is known for his radical policy inclinations that include abolishing the country's central bank, leading to heightened anticipation in the crypto community. The presidential candidate won the favor of 55% of the electorate, gaining three million more votes than his rival Sergio Massa.
While Fernando Nikolić, founder of media analyst firm Bitcoin Perception, acknowledges Milei's extant favorable outlook on Bitcoin, he cautions against unwarranted optimism. A law deemed 'Bitcoin-friendly' is not a feature of Milei's official program. However, as a proponent of free market currency, Milei may not endorse any legislation that would detrimentally affect Bitcoin.
Iván Paz, CEO of the crypto trading platform Trading Different, views Milei's election optimistically. Paz envisions that Milei's policy direction, steeped in free market principles, will revivify Argentina's lagging economy by inspiring domestic and foreign investor confidence. In Paz's view, the country is due for long-term attractiveness once legal guarantees are solidified and the tax burden is mitigated.
Camilo Jorajuría de León, Vice-President of Bitcoin Argentina, has high hopes for sweeping reforms and restated the public's expectation of Milei fulfilling his electoral promises.
Once Milei assumes office, his immediate task will be to manage the country's rampant inflation, which reached 143% in October. Amid a falling Argentine peso's spending power, it’s no surprise that Argentinians opted for a candidate pledging to sever most public expenditure and limit government.
Milei is anticipated to bring a new economic approach to Argentina that could resonate with the wider crypto community. He intends to eliminate the central bank to stop money printing, replace the peso with the U.S. dollar, and dismantle nearly every form of welfare in the country.
However, praising Bitcoin as a monetary tool free from state control does not necessarily translate to active support for it. While some may wish for Bitcoin to become considered as legal tender in Argentina, Milei's mission first entails grappling with a plethora of economic challenges and considerable debt owed to the International Monetary Fund—a total of $31 billion. He will steer a country that needs more than Bitcoin to recover.
As it stands, it remains uncertain whether Bitcoin will be the solution to Argentina's monetary woes. Regardless, Fernando Nikolić expresses the hope that Bitcoin adoption will continue to flourish in Argentina, especially as Milei's leadership fosters an environment of prosperity and freedom, allowing the public to experience improved living conditions. However, it is critical to remember that immediate changes are not feasible, as widespread Bitcoin adoption among Argentina's population requires time and educational efforts.
