Javier Milei's Battle for a Pro-Bitcoin Future in Argentina – Here's How It's Going – Coinpedia Fintech News

  • Javier Milei is a pro-Bitcoin advocate who has become a frontrunner in the upcoming Argentina Presidential election.

  • Bitcoin is more valuable than Argentinian pesos when compared to US dollars, and its adoption rate in Argentina has even surpassed El Salvador.

  • Milei is a liberalist who advocates for eliminating the Central Bank and dollarizing the country’s economy.

In the August primary presidential election, the pro-Bitcoin advocate, Javier Milei, emerged as a frontrunner, causing a stir in Argentinian politics. His ascent to the top is fueled by his acceptance of a radical economic concept that has captured the hopes of the Argentinian public. With the upcoming Argentina Presidential election, Milei enjoys widespread support from those hoping for a way out of the nation’s economic crisis and a path toward prosperity.

Cryptocurrency v. Argentinian Pesos

When it comes to having a large consumer base, Argentina has one of the biggest consumer bases for Bitcoin. One-third of the population uses Bitcoin for daily financial transactions. However, a major factor in the large-scale adoption of cryptocurrency is the financial crisis in Argentina. While the rest of the world uses cryptocurrency as a source of investment, Argentina views it as a store of value. 

The adoption rate of cryptocurrency in Argentina has even surpassed El Salvador, a country whose president declared Bitcoin as the national currency in 2021. 

Bitcoin values more than Argentinian Pesos when compared to US Dollars. The value of bitcoin in the country reached an all-time high in August this year when the country’s inflation peaked. To date, Bitcoin has reached its highest of 9.3 million ARS in September. 

Also Read: El Salvador’s Bitcoin Experiment: 2 Years Later, What’s the Verdict?

Challenges Faced

Despite the widespread use of cryptocurrency in daily life, Argentina’s central bank, BCRA, imposes strict restrictions on cryptocurrency transactions and trading within national banks. This stance was reinforced when Banco Galicia attempted to offer crypto trading services in 2022, only to be thwarted by BCRA regulations.

Dollarization through Bitcoin 

Javier Milei is referred to as a ‘pro-bitcoin supporter’ and often compared with Nayib Bukele, the president of El Salvador, where Bitcoin is the national currency. However, there is a striking difference between their ideologies. Bukele turned to Bitcoin to escape from the constraints of dollarization; on the other hand, Javier has been a major supporter of Bitcoin in hopes of bringing dollarization into the country.

Javier Milei is a liberalist and strongly advocates for eliminating the Central Bank. 

Not All is Well!

The cryptocurrency community has greatly appreciated Milei defending people’s right to use any cryptocurrency. Although he has actively supported Bitcoin, his ultimate goal of introducing dollarization in the country disappoints them.

Milei’s approach to Bitcoin adoption raises the ire of various government institutions, notably the IMF, which fiercely opposes Bitcoin cryptocurrency. Milei’s manifesto contains proposals to dollarize the country’s economy to stabilize the local currency. 

Also Read: Bitcoin Price Prediction: September Pullback Can Trigger Bullish ‘Uptober’

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