Milei wins in Argentina and BTC rises
Javier Miley and the new president of Argentina. Anarcho-capitalist, hyper-liberal and (in a libertarian sense) far-right. Newspapers define him in many ways, but, however controversial, his political vision could be summed up in promoting drastic reducing the role of the state.
Not surprisingly, in that sense, yes Bitcoin represent a much-discussed topic in the pre-election campaign and a tool similar to the ambitions of the new presidentwho in the past has increasingly placed him in the center of his speeches.
For example, he has repeatedly talked about it in connection with “central bank fraud”, and how it consists of one a natural reaction to using fiat moneywhich politicians exploit to “deceive” the people, precisely through monetary policy.
Victory against the Peronists Sergio Massawith 56% of the votes, it must have also given a boost to the crypto market, with the return of BTC, after a few days, above 37 thousand dollars.
A new case of El Salvador? Not
As much as Bitcoin has been compared to the new Argentine president, the story must be seen in context very different context than it could be El Salvadorwhere is BTC legal currency of payment.
On the contrary, this is not Miley’s intention at all, and indeed it is one of his main political goals forcefully introduce the US dollar in the Argentine economy to escape the problems posed by the Argentine peso, which has been driving Argentina to record inflation above 100% for some time.
Milei, with her atypically liberal vision compared to the rest of the world’s political class, now promises one shock therapy for the country’s economy. First of all, the closing of the central bank, strong dollarization and strong cuts in public spending.
One answer to one now an unsustainable situation for the citizens of Argentina, who must have decided on a drastic solution in the last elections.
In all this, BTC is already widely accepted in South America as a “store of value” asset to defend against inflation, but it is not yet (for now) part of the political adoption plan. However, it seems that only the new president’s “sympathy” for the first of the cryptocurrencies has given the market a good shake-up and brought it back into the limelight, increasingly at the center of debates and national economic policies.