Argentina’s newly elected president, Javier Milei, has implemented a series of measures aimed at restoring the nation’s struggling economy. In a move praised by the International Monetary Fund (IMF), Milei has devalued the nation’s currency, the peso, by over 50%. While this action has garnered him recognition, there are indications that Milei might also be supportive of Bitcoin.
Milei’s Pro-Bitcoin Stance
Although Milei has not yet translated his enthusiasm for Bitcoin into official government policy, there are signs that suggest his pro-Bitcoin stance. In the past, he has expressed his belief that Bitcoin represents a return of money to the private sector, highlighting its potential impact on the economy. Additionally, Milei has shown support for Bitcoin maximalism and bullishness on the digital asset.
“My task as Minister of Economy is for people to have more and more purchasing power, we do not want officials to continue lying to people with nominal value.” – Minister of Economy
Furthermore, social media activity from Milei and his supporters has hinted at his positive views on Bitcoin. For example, he has reposted a picture of Argentina’s Minister of Economy with laser eyes, a symbol associated with Bitcoin maximalism. This suggests a possible alignment with the values and principles of the cryptocurrency.
Interestingly, both Milei and Bitcoin creator Satoshi Nakamoto have trended simultaneously on social media, further fueling speculation about Milei’s pro-Bitcoin stance.
Economic Recovery Efforts
While the devaluation of the peso has received attention, Milei’s long-term plan is to completely eliminate the peso and adopt the US dollar as the national currency. However, the administration has yet to lift the capital controls that were previously imposed, maintaining an official exchange rate that differs from the private markets.
Alongside devaluation, Milei’s efforts to reduce spending include not renewing contracts of less than a year, cutting subsidies for public services, and canceling government advertising for a year. These decisive measures have earned him praise from the IMF, as they are seen as crucial for restoring stability and revitalizing the country’s economic potential.
It is noteworthy that the IMF, despite its previous stance discouraging the use of cryptocurrencies in Argentina, has recognized the positive impact of Milei’s policies on the nation’s recovery.
