News - This is the new Bitcoin president of Argentina

By Mike Hesp

This is the new Bitcoin president of Argentina

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Javier Milei is the new president of Argentina. An outspoken enemy of the political establishment, he plans a radical reorganization - perhaps even with Bitcoin.

Argentina has a new president: Javier Milei. The 53-year-old won more than 55 percent of the vote for his party (La Libertad Avanza) in the second round of yesterday's elections. This is evident from data from Bloomberg.

The self-proclaimed "anarcho-capitalist" wants to transform his country with a number of radical ideas. For example, he wants to introduce the U.S. dollar as legal tender in Argentina and abolish several ministries and the central bank.

According to Milei, the latter is a "mechanism politicians use to cheat citizens with inflation taxes." Instead, he favors the concept of Bitcoin. The cryptocurrency allows "money to be returned to its original creator, the private sector."

Because of high inflation, Argentina is considered a country that is particularly open to cryptocurrencies. It is quite possible that the new president will give its citizens more access to the market. Or Bitcoin could even become a nationally recognized means of payment, as in El Salvador, for example.

For now, all attention is likely to be focused on fighting Argentina's economic crisis. South America's second-largest economy is struggling with high inflation of more than 140 percent.

This permanent crisis was probably decisive for Milei's election. About 40 percent of citizens live below the poverty line. Many blame the political establishment for this.

Milei capitalized on this. He criticized the political situation with anti-system rhetoric à la Donald Trump or Jair Bolsonaro. Political observers categorize him as a right-wing populist. Milei, however, has not yet attracted attention with far-right statements. For example, he is considered a supporter of same-sex marriage.

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