Javier Milei, image edited by Aaron Koenig. Image rights to all images provided by him for this article.

Argentina has a new president in Javier Milei, who describes himself as a libertarian anarcho-capitalist and wants to radically reform the Argentine economy. What does this mean for Bitcoin in Argentina? Aaron Koenig was in Buenos Aires at the time of the election and collected some votes.

Bitcoinblog.de: How did you react when you found out that Milei won the election?

Rodolfo Andragnes, founder of Bitcoin Argentina and the Latin American Bitcoin Conference: With great joy because the Argentinians have decided to make a new beginning. The amount of money that Milei’s competitor Massa invested in advertising was colossal, I estimate about 100 times what Milei had at his disposal. The main aim was to stir up fear of change. And yet the hope for change prevailed.

Manuel Ferrari, co-founder of the DeFi platform Money-on-Chain: With great hope for the future – although what lies ahead will not be easy. While Argentina has enormous potential, we find ourselves in a situation of extreme economic, social and political volatility.

Florencia Aenlle, formerly Espacio Bitcoin and in the Milei team: It was an epic presidential election! I was really happy that Milei won, and with a clear lead of almost 12 percentage points. We have the world’s first libertarian president!

Gastón Yapur, member of the Libertarian Party: With great pleasure because I have been actively supporting Javier Milei for many years.

How do Bitcoiners in Argentina view Milei? Are you more optimistic or more skeptical?

Florence Aenlle: There are several Bitcoin supporters in Milei’s party. I think there is a big intersection between libertarians and Bitcoiners.

Rodolfo Andragnes: Bitcoiners are fundamentally skeptical of any promises, but we of course support the ideas of freedom and private property. I therefore think that most Bitcoiners in Argentina, despite all their skepticism, have a lot of hope in Milei’s government.

Gaston Yapur: I can’t speak for everyone, but I personally have a very bullish outlook for Bitcoin in Argentina.

Manuel Ferrari: Bitcoiners, and all Argentines in general, are extremely suspicious of politicians. Of course, many of us who voted for Milei hope that he will get through with the ideas put forward in the election campaign. But we know that he will face a strong opposition made up of socialists and communists. The opposition makes up a large part of parliament and has a network of companies that have long done business with the Argentine state.

What do you think a Milei-led government will change about the Bitcoin situation in Argentina? And the economic situation in general?

Rodolfo Andragnes: I think that with him there will be no central bank coin and that he will roll back the restrictive regulations of the previous government.

Florence Aenlle: Javier Milei is for deregulation. This could attract new investors and companies wanting to establish themselves in the country. It is often said that Milei wants to make the US dollar legal tender, but this is not true. He is in favor of free competition between currencies, in which you can decide for yourself which currency you use, whether peso, dollar or Bitcoin.

Gaston Yapur: A Javier Milei government will be positive for Bitcoin as he advocates decentralization and free competition of currencies. This will also be positive for the general economic situation as it will remove a large part of the tax burden for companies.

Manuel Ferrari: Argentina already has a very vibrant Bitcoin community. With capital controls, restrictions on access to the dollar, and extremely high inflation, many have discovered that Bitcoin is an excellent tool for protecting financial freedom. There are many Bitcoin companies in Argentina, and Argentine developers are also involved in many international projects. If freedom and legal certainty prevail, as Milei suggests, it is quite possible that private and foreign investment in the country will increase sharply. Argentina was once one of the richest countries in the world, especially at the end of the 19th century, when liberal ideas prevailed here.

What concrete steps do you expect from Milei regarding Bitcoin?

Gaston Yapur: I expect deregulation for Bitcoin and the other cryptocurrencies. In a system of free currency competition, all currencies are treated equally and the best money will prevail.

Manuel Ferrari: Milei says he will promote free competition of currencies. His presumed future finance minister, Diana Mondino, who is well-versed in Bitcoin, recently stated that she will abolish its legal tender status. I don’t think Argentina will acquire large amounts of Bitcoin like El Salvador, at least not in the short term, because Argentina is technically bankrupt. First of all, it is about reducing the budget deficit, which is a necessary step for the abolition of the Argentine peso.

Florence Aenlle: Javier Milei is pro-free market, which is why I think the situation will be much more favorable for Bitcoin. But I also realize that due to the critical situation in the country, there are more urgent measures at the moment.

Rodolfo Andragnes: I don’t expect Milei to make Bitcoin legal tender like in El Salvador. I also don’t think the government will invest in Bitcoin. But I hope that he adopts Bitcoin Argentina’s proposals for regulation that focuses on corporate and individual freedom.

We thank you for the insightful answers!

Aaron Koenig is an author, film producer and entrepreneur. He has been working for Bitcoin since 2011 and runs the blog Hyperbitcoinizer.

Source: https://bitcoinblog.de/2023/11/24/ist-milei-bitcoin-positiv/

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