Javier Milei on Bitcoin
Javier Milei views Bitcoin as a key element in overcoming Argentina's persistent monetary crises, positioning it as a superior monetary asset to the national currency. He frequently champions Bitcoin as a hedge against the inflation and mismanagement he attributes to the state and central banks, aligning with his broader libertarian economic philosophy.
His advocacy for Bitcoin is intrinsically linked to his opposition to the Central Bank of Argentina and his desire for an economy based on sound money principles. Milei has publicly stated that Bitcoin represents a mechanism for individuals to escape inflationary fiat regimes, making it a central piece of his proposed economic overhaul for the country.
While his main economic proposal has involved dollarization, his support for Bitcoin remains consistent, seeing it as a crucial technology that offers financial freedom from state control. The promotion of Bitcoin by Javier Milei is consistent with his advocacy for digital currencies as a check on government power over money supply.
Context
As an economist and politician, Javier Milei has made the fight against inflation and government overreach the core of his political platform. His strong belief in the Austrian School of Economics leads him to view unbacked fiat currency, like the Argentine peso, as inherently fraudulent.
Bitcoin, as a decentralized, scarce digital asset with a fixed supply, directly counters the policies of inflationary money printing that Milei so vociferously critiques. This makes his support for Bitcoin a fundamental expression of his political ideology, rather than just a speculative investment stance.
Actions Taken
- Social media advocacyPromoted the cryptocurrency $LIBRA on X, an action later criticized as a potential 'rug pull' scandal.
Key Quotes
Bitcoin is the only currency that is truly apolitical, and it has a fixed supply.
If you want to get rid of the political caste, you must get rid of the central bank, and if you get rid of the central bank, you have to go to Bitcoin.
Bitcoin is the best tool to hedge against inflation and state failure.
Criticism
Labelled the promotion of the $LIBRA cryptocurrency as the 'first big scandal' of his presidency following its collapse.
Called for Javier Milei's impeachment and filed fraud charges following the $LIBRA promotion, suggesting involvement by close associates.
Sources4
Javier Milei, a far-right libertarian, won Argentina’s presidential election
Milei and Bitcoin: The Argentine President's Crypto Crusade
Javier Milei's Cryptogate: What we know about the president's crypto promotion scandal
Milei: Bitcoin is the only currency that is truly apolitical
* This is not an exhaustive list of sources.