Argentina’s Bitcoin Bet: Will Javier Milei Make BTC Legal Tender?

• Argentina has elected Javier Milei as the new president, he is a pro-Bitcoin advocate leading to speculation that the country may adopt BTC as legal tender.
• Adoption of BTC in the region would be positive for the citizens with the country facing inflation of nearly 150 percent and foreign currency drying.

The crypto community is celebrating Javier Milei winning the presidential race in Argentina. Many in the community are comparing him to Nayib Bukele, the president of El Salvador, for his pro-crypto comments. Some are going as far as speculating that he will adopt BTC as legal tender in the country.

Argentina has been suffering from rampant inflation. The latest figures show that inflation is nearly 150 percent. On this, Milei revealed in his campaign that he plans to get rid of the central bank. He accuses the institute of fueling inflation by printing money to finance government overspending.

The new president who is expected to take over the highest office in the country on December 10th, further inherits empty coffers with foreign currency deep in the red. Furthermore, the government owes around $44 billion in debt to the International Monetary Fund (IMF).

Despite being the third largest economy in Latin America, it is clear that some radical changes are needed to ensure a full economic recovery. According to the elections, and the crypto community, Javier Milei is the right man for the job.

New President Hails Bitcoin as Inflation Cure

Upon the news that the candidate had won the race, Bitcoin sprung to action, reaching as much as $37,000. As CNF earlier reported, Milei has previously argued that Bitcoin can compete with other currencies and was in fact a great way to ensure that politicians never rob citizens through inflation.

He explained that the central bank is a mechanism by which politicians cheat the citizens through inflationary tax. However, Bitcoin represents the return of money to its original creator (the private sector). Milei further said paper money is a private invention introduced by central banks to solve the problems in the bartering economy (the double coincidence of wants and indivisibility).

Read More: BREAKING: Argentina’s president: Bitcoin prevents politicians from robbing you through inflation

Interestingly, the recent run-up was a win-win case for the crypto community. Milei’s opponent, Sergio Massa, had revealed plans to use natural gas from an oil field to mine Bitcoin, a proposal that has sparked a heated debate among the crypto community. This clearly indicated that he was pro-Bitcoin and looking to save the country’s economic struggle through the new financial revolution. Of note, El Salvador which has formally adopted BTC as a legal tender also mines Bitcoin using natural gases.

With El Salvador demonstrating the positives of embracing Bitcoin, it is speculated that Argentina might look to go the same root. With the citizens already embracing the new financial technology and two of the largest banks offering crypto trading, it is clear that the country will have a greater impact on the adoption and value of Bitcoin than El Salvador.