On Sunday, Argentina elected right-wing Javier Millais as its new president. A self-described anarcho-capitalist, he has pledged to end the country’s recurring economic crises, rising poverty, social tensions and triple-digit inflation. As part of the radical economic policies that Miley has been pursuing, she has made it clear that cryptocurrencies will be a key tool in reviving the country’s economy.
Milei collected more than 14.4 million votes, beating Sergio Massa’s 11.5 million, becoming the first candidate to win the presidency without belonging to either party that has long ruled the country. Considering the first round results, this victory surprised most experts, with Massa winning with 36.7% of the vote compared to Milei’s 30%.
Cryptocurrency enthusiasts in Argentina rejoice
Known as an idiosyncratic politician, Milei’s views on cryptocurrency set him apart from his peers. In 2018, Milei publicly stated that he “loved the idea” that inspired the cryptocurrency, but didn’t see it working on a national scale because “scumbag politicians won’t accept competition.”
Milei has continued to declare his support for cryptocurrencies over the years, and this has also been reflected in his cabinet. Diana Mondino, who could become Millay’s foreign minister, has made it clear that “free competition in currencies” is at the heart of the next government’s economic strategy.
Mondino’s comments mean that millions of Argentine workers could soon be paid in Bitcoin, a possibility that has been gaining attention in recent years.
So far, the prospect of cryptocurrency-friendly economic reform has been well received by domestic and international cryptocurrency communities. Coinbase CEO Brian Armstrong was quick to congratulate Miley after her win and invited the new president to join her. “Let’s talk about how we can help Argentines achieve economic freedom.”
Who is Javier Mailay?
Javier Millay, known to his supporters as “the Madman,” “the Lion” and “The Wig,” owes his nicknames not only to his good looks, but also to his fiery, passionate and uncompromising speeches.
While his popularity suggests otherwise, Javier Millais is a recent figure in Argentine politics, beginning his political career just three years ago when he announced that he would become president. “Join the mud fight”.
Milei quickly became a political powerhouse thanks to his anti-establishment rhetoric and push for radical economic policies, which many Argentines soon saw as the only progress.
Mailay, a self-described anarcho-capitalist, has been particularly vocal about the need to: “Blow up the central bank”Cut public spending, dollarize the economy, lower the age of liability, and open the economy to global markets.
Cryptocurrency is a big issue in Argentina
The existence of official and black market exchange rates for the Argentine peso means that Argentina’s monetary base is between $20 billion and $8 billion. The last time this happened, Argentines found themselves unable to withdraw their money because the government was trying to prevent them from going bankrupt.
With the current government enforcing strict capital controls, most Argentines do not have access to foreign currencies such as US dollars to protect themselves from such a scenario. Cryptocurrencies have therefore long served as a lifeline for millions of Argentines looking to protect their savings from runaway inflation and devaluation.
Crypto companies such as Lemon Cash, Bitso, Satoshi Tango, and Ripio have flourished over the past few years as demand for crypto-based financial services continues to grow. Argentina leads the region with $85.4 billion in raw trading volume, with five out of 45 million Argentines using cryptocurrency in some way, according to Chainalytic.
One thing is certain. Given how poorly a country’s economy has been managed, cryptocurrencies can’t do any harm!