Recent crypto reports revealed that there is a significant rise in demand for Bitcoin to be approved as legal tender in Argentina shortly after Javier Milei was elected the new President of the country, as he was a prominent and active advocate for BTC before his ascent to power.
In 2008, Bitcoin was reportedly developed as a solution to the financial crisis and inefficiency that plagued the financial sector which eroded the public trust in the government and bailed out the banks at the expense of taxpayers. Furthermore, as the public trusts less fiat money, the adoption of Bitcoin continues to grow wildly due to its futures which offers users a decentralized, faster, and cheaper means of payment that helps to combat inflationary pressures.
Milei To Dollarize Argentinian Economy
According to the report, the announcement of Javier Muilei, who was one of the prominent figures endorsing BTC, as the winner of the general presidential election has further boosted the hope of bitcoiner in the country. Furthermore, the report revealed that his victory occurred at a time when the country battles with economic unrest which started decades ago. As he was elected into power, crypto enthusiasts were optimistic that he would promote the growth of BTC as well as make the primary coin a legal tender for transactions in the country.
Reports revealed that Javier Milei has sometimes in the past considered BTC and gold as viable and suitable solutions to the faulty monetary system of the central bank, but, he is yet to speak of his intention to make BTC a legal tender. However, the core part of Milei’s campaign is to dollarize the Argentinian economy to combat concurrent inflation that recently rose by 143%.
Bitcoiners Demand BTC To Be A Legal Tender
Furthermore, the president-elect plans to sever the relationship with China, close down the Argentine Central Bank, and reduce the size of the government by giving about 15% to public expenditure. Meanwhile, Bitcoiners hope that alongside his radical plans, he will make BTC the legal tender of the country in his agenda.
To advocate the idea while the sentiment is still fresh, Max Keiser, a prominent Bitcoin advocate, has requested the President of El Salvador to schedule a meeting with Milei where they would encourage the new president to adopt BTC as his country’s primary currency. According to the report, in September 2021, president Bukele made BTC a legal tender in El Salvador after ratifying the Bitcoin law, making it the first-ever country to give the primary crypto coin such elite status. The gesture from Keiser depicts the general enthusiasm and high spirits that Javier Milei’s victory has inspired in the Bitcoin community.
Milei’s Intentions On BTC As Legal Tender Not Clear
While giving his election victory speech, Milei stated that he envisioned making Argentina a superpower in the next 35 years. Commenting on this statement, the CEO of Jan3, Samson Mow, said by adopting the Bitcoin standard, it is possible for Argentina to become a powerhouse in less than the number of years stipulated by the president.
In addition, Pierre Rochard of Riot Research platform suggested that if the president prioritized making Bitcoin the stronghold of the country’s economy rather than the dollarization strategy which he planned on executing, Argentina would rapidly grow to become one of the wealthiest and most powerful countries of the world.
However, an executive at Cinneahain Ventures, Adam Cochran, pointed out the reality as he claimed that Javier Milei only advocated that he would give legal support to bitcoin trading just like many other countries and that he wasn’t passionate about making the primary crypto asset a legal tender in the country.
Meanwhile, his victory shows that the citizens are eager to break free from the traditional standards of the country’s financial system to test newer financial innovations. However, it is not clear if Bitcoin would become a legal tender in the country.
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