After a long and dramatic presidential race, libertarian candidate Javier Milei triumphed in Argentina’s presidential election on Nov. 19.
Milei promises to abolish the country’s central bank, among a slew of other radical policy changes capturing the attention and imagination of the crypto community.
With 99% of the vote counted on Sunday, Nov. 19, Milei was declared the winner. The flamboyant politician secured the favor of 55% of the electorate, with three million more ballots to his name than rival Sergio Massa.
Fernando Nikolić, an Argentine Bitcoin (BTC) advocate and founder of media analyst firm Bitcoin Perception, told Cointelegraph that Milei “has spoken positively about Bitcoin when asked about it in interviews,” but also pointed out that enthusiasm should be tempered by the fact that “passing any sort of law that is considered ‘Bitcoin-friendly’ is not a part of his official program.”
Nikolić added that as an advocate for free market money, Milei is also unlikely to pass any laws that would harm Bitcoin.
Iván Paz, the CEO of crypto trading platform Trading Different, took a positive view of the election results. According to Paz, Milei’s free market policy agenda is likely to reinvigorate Argentina’s flagging economy.
“Argentina will enter a cycle of accelerated economic recovery, driven by the confidence of local and foreign investors,” Paz told Cointelegraph. “The reduction of the tax burden and the legal guarantee will once again make Argentina an attractive country to project in the long term.”
Many Argentinians now look forward to sweeping reforms. Camilo Jorajuría de León, vice-president of Bitcoin Argentina, reminded the incoming president to keep his electoral promises:
“Bitcoin is for monetary freedom, and that was precisely one of the proposals of the president-elect. As Bitcoiners, we hope he fulfills his promise.”
Milei’s first task in office will be taming the nation’s runaway inflation, which hit 143% in October. For comparison, United States inflation peaked at 9.1% in June 2022 and is now 3.2%. With the spending power of the Argentine peso in freefall, it’s little wonder that Argentinians voted for the candidate proposing to cut almost all public expenditure and big government.
The new politics of Argentina
Milei promises to reinvent and reinvigorate Argentina’s economy with a completely new approach. The beliefs that underpin the policy agenda of the libertarian anarcho-capitalist are…
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