Bitcoin (BTC) enthusiasts are cheering en masse for Argentina’s new president Javier Milei. But outside the crypto world, many people are looking with surprise at the victory of the ultra-right liberal, also known as “El Loco”. Why are Bitcoin enthusiasts so enthusiastic about the successes of this controversial political newcomer?
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Pro-Bitcoin President
The results of the second round of the Argentine presidential election have been positively received by several crypto industry heavyweights.
The CTO of the US-listed crypto exchange Coinbase, Balaji Srinivasan, wrote for example the following on X:
“Second Bitcoin Chairman.” Congratulations to Milei on his overwhelming victory in Argentina.”
Also Michael Saylor, the CEO of MicroStrategy and also a Bitcoin giant bull, replied I’m looking forward to X:
Bitcoin is hope for Argentina. Congratulations, Miley.”
Milei’s repeated promises to destroy the country’s central bank – coupled with the politician’s support for Bitcoin as “returning money to its original creator” have raised hopes for Bitcoin-friendly policies.
The 53-year-old Milei describes himself as a so-called “anarcho-capitalist”, a kind of combination of anarchist and capitalist. It is an ideology that calls for the abolition of state governments and institutions in favor of a society in which individual freedom and property rights are central and in which the economy is led by private capital and market mechanisms rather than state intervention.
The ideology of Bitcoin shares some principles with anarcho-capitalism, which of course reinforces the bias of Bitcoin enthusiasts towards Milei.
The rest of the world largely views the new president as controversial; He denies climate change, wants to make it easier to buy firearms, believes the sale of human organs should be legal and wants to legalize the sale of babies.
No crypto plans currently
Despite the similarities and the fact that Milei has spoken positively about the industry’s largest cryptocurrency, he has yet to propose any policies on Bitcoin or cryptocurrencies in general. Since he became president, crypto has not been discussed at all.
Some in the crypto community hope that Argentina will follow El Salvador’s lead and convert Bitcoin into legal tender. However, Milei has never expressed his intention to actually do this. On the other hand, he has published plans to introduce the US dollar as the national currency.
