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Milei’s Presidency: Implications For Argentina, El Salvador, And Bitcoin Adoption

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On November 19, 2023, Argentine voters elected Javier Gerardo Milei, an Austrian economist known for his candid and unconventional style, as their new president. He ran on a platform promising substantial reforms: cutting spending, reducing government intervention, addressing inflation, and eliminating the central bank.

Milei’s path to victory was unexpected. In the general elections, he secured second place with 30% of the vote, trailing Sergio Massa of the Peronist establishment, who garnered 37%. Patricia Bullrich, former Minister of Security under President Macri’s administration, obtained 24%. These results forced Balotaje, or a run-off election between Massa and Milei.

On the run-off election night, it became apparent early on that Massa’s camp wouldn’t prevail, leading him to concede before official results were released, extending well-wishes to Milei.

Milei’s Victory Speech

During his victory speech, Milei conveyed several key messages:

– He emphasized the start of Argentina’s reconstruction and thanked pivotal figures, including poll watchers from his party and PRO, an establishment coalition party. He also thanked former President Macri and his election opponent, Patricia Bullrich, acknowledging their contribution to bringing about change.

– Milei declared an end to what he called the “Argentinian Decadence,” denouncing a system favoring a privileged few and vowing to revisit the principles of liberty, Alberdi’s ideas (an Argentine Libertarian), and the vision of Argentina’s founding fathers.

– He invited all Argentinians to join this new transformational project in embracing liberty, highlighting unity over differences while acknowledging resistance from those entrenched in the existing system. His message to his opponents was striking, as he warned them that under a Milei administration, “everything within the law, and nothing outside the law.”

– Asserting the need for immediate and drastic changes, he warned of an impending crisis if the country doesn’t rapidly address critical issues like inflation, poverty, security, and unemployment. He emphasized that his administration could not afford gradualism, lukewarm implementations, and half-measures and that changes must be swift.

– Milei extended a global commitment to democracy, free markets, and cooperation with other nations for a better world, culminating in his passionate rallying cry: “Viva la libertad, Carajo!“—Long live liberty, dammit!

The Allure of Post-Partisan Politics in Latin America

While Milei’s victory signifies a milestone for Latin America in advancing post-partisan politics, which Salvadoran President Bukele leads this movement, and potentially influencing Bitcoin adoption, some caution is warranted. Milei himself is not a Bitcoiner, but as an Austrian economist, he understands the need for Bitcoin to counteract central bank and Keynesian policies. In fact, one of his main policy planks is to dollarize the Argentinian economy to more closely reflect the reality of what is already happening on the ground. The dollarization of the country alone is one of the most anti-Bitcoin measures he could take; however, this is where idealism meets reality, and Milei must do what is best for Argentina.

Milei’s alliance with the conservative and center-right party, PRO and Patricia Bullrich, might require compromises for political support. His challenges echo Macri’s, including the need to move towards market-friendly policies, address corruption allegations, and avoid the perception of favoritism to the Argentinian elite.

Despite Milei’s limited support in Congress, his need to garner votes may lead to political compromises, possibly deviating from his intended policies. El Salvador’s President, Bukele, was in a similar situation when he was blocked from running in his own party and then chose to run with a political rival GANA. While Bukele did not capitulate to GANA and eventually garnered enough votes in Congress, it is still uncertain how Milei’s situation will impact his policies.

Don’t Trust Milei, Verify

It’s crucial for Bitcoiners to exercise patience and manage expectations, as Milei did not run on Bitcoin as a main economic policy. While Milei aims to address deep-seated issues in Argentina, his primary focus might not align with Bitcoiners’s vision of Bitcoin adoption. Argentina, with its size and resources, has the potential to achieve greatness, but Milei recognizes this, and he will likely proceed cautiously in some areas and be swift in others, and not all will be to the satisfaction of Bitcoiners.

As My First Bitcoin’s founder, John Dennehy, put it best, “There’s been a lot of cheerleading on here because Argentina’s president-elect, Javier Milei, has said positive things about Bitcoin. If we judge politicians not based on what they have done but on what they promised during their campaign, then we have learned nothing. Don’t trust, verify.”

This is a guest post by Jaime Garcia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

​ Many are excited about the potential for a second Bitcoin President in Latin America, but there are reasons to be more skeptical and cautious before cheer leading. 

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The US Should Establish A Strategic Bitcoin Reserve

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This morning, the Bitcoin Policy Institute (BPI) released a 53-page report on the pros of the United States establishing a strategic bitcoin reserve (SBR).

The authors of the report touched on four key benefits of holding bitcoin as a strategic reserve asset:

  • Economic and monetary stability — bitcoin is a hedge against currency debasement and debt instability
  • Geopolitical competition — the US could gain a strategic advantage over other countries that are contemplating starting a bitcoin reserve and can reinforce the US’ influence over global financial standards
  • Energy and climate — Bitcoin mining can be leveraged to accelerate the movement toward renewable energy
  • Financial inclusion and human rights — the US can promote both the concepts of individual freedom and financial inclusion for both US citizens and those abroad

While I agree that the US’ establishing an SBR would have these benefits, I also think it would send a certain message loud and clear: We embrace change in the United States.

We can tell the world that we’re aware of Bitcoin’s numerous positive attributes and that we want to use them to our advantage.

In doing so, we can shift the narrative around Bitcoin from something to be feared and controlled to something that should be embraced and utilized, and we can stand behind a tool that can be used to increase the financial buoyancy of both people and institutions around the globe instead of standing in its way.

 We can send a message to the world by doing so. 

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PAID IN BITCOIN: BTCPay Documentary Showcases Bitcoin as the Medium of Exchange at Bitcoin 2024 Conference in Nashville

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BTCPay Server has just released a new documentary covering the use of bitcoin as a means of exchange this summer during the Bitcoin 2024 in Nashville. The documentary by Parker Worthington (@webworthy) takes a look at the behind the scenes set up of both BTCPay Server and Strike with merchants around the conference venue, documenting the use of bitcoin as a real payment tool during the course of the conference. 

Watch the documentary below.

 Watch the new documentary PAID IN BITCOIN about Bitcoin use at Bitcoin 2024 in Nashville. 

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I’m Grateful for Trump’s Embrace of Bitcoin

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Co-founder of BTC Media eleven years ago, I am passionate about the future of Bitcoin – and in the spirit of free speech and democracy on this election eve – I feel compelled to share my first Bitcoin Magazine opinion article. Weeks ago our editor-in-chief, Aaron Van Wirdum, published his Take, “Trump Does Not Give a Damn About Bitcoin,” and he invited submissions of a counter-take.

Our company was founded on the mission of hyperbitcoinization. Since the beginning, educating Main Street on Bitcoin has been core to our values. We’ve made great strides. I believe Trump – as standing president – with pro-Bitcoin advisors, could significantly fast-track Main Street’s embrace of Bitcoin, create the world’s most pro-Bitcoin economy, and commute Ross Ulbricht’s sentence… a powerful trifecta.

The resounding skepticism found in Aaron’s TAKE is not a sentiment that I share; rather, I trust in Trump’s declared support for Bitcoin. His inner circle is full of fervent Bitcoiners and those who have signaled support for Bitcoin: his children, JD Vance, Elon Musk, RFK Jr., Tulsi Gabbard, Vivek Ramaswamy, Senators Lummis, Blackburn, Hagerty and Scott plus many, many more.

As a newcomer to the Bitcoin space, Trump, like many, is still learning. I recognize and appreciate his ever-student curiosity and desire to fully grasp the future of money. A U.S. president with exposure to Bitcoin, who surrounds himself with pro-Bitcoin advisors and policies, is certainly a more favorable alternative than the openly-hostile administrations of the past and present.

In Aaron’s TAKE, Trump was chastised for failing to transact his own bitcoin purchase at a campaign stop at PubKey – a Bitcoin bar in Greenwich Village; again, there is no stone to throw here. I was elated that Trump accepted PubKey owner Thomas Pacchia’s invitation to make a campaign stop (and as I understand it, that was an invitation extended to both V.P. Harris and Trump, with only Trump accepting). The transaction was a gesture, facilitated by the community, and was a well-received and celebratory moment for that small business and for the global network of Bitcoin businesses that have struggled for this level of acceptance by politicians.

Like others, you might be questioning if donations and votes are the driving force of Trump’s interest in Bitcoin. Does it actually matter what drives any of us as we strive for a common good? We are a diverse community with diverse reasons for embracing Bitcoin — whether a desire for financial sovereignty, an investment opportunity, a sudden inability to purchase basic necessities during a protest, a distrust in the existing financial system and, yes, even politicians seeking the Bitcoin community’s support through donations and votes.

The Bitcoin Community knows Bitcoin will flourish and thrive in spite of politics; however, not all issues are apolitical. At Nashville’s Bitcoin 2024 conference (and the Libertarian National Convention), Trump stated, unequivocally, that he will free Ross Ulbricht if given the opportunity as President. The Ulbricht family needs a miracle, and it is Trump who pledges to deliver it.

I had the golden opportunity to meet Trump backstage at Bitcoin 2024 (alongside two strong, intelligent women – his granddaughter Kai and her mother Vanessa). I found Trump to be warm, humorous, and sincere. I wholeheartedly welcome Trump to Bitcoin and appreciate bipartisanship support in freeing Ross and our mission of hyperbitcoinization.

I encourage you all to vote this Tuesday, and to join Bitcoin Magazine and Stand With Crypto for The Road to Election Day, live from Las Vegas, this Tuesday, November 5, 2024, beginning at 3 p.m. PST. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

 As the U.S. faces the most consequential election of our lifetime, the Trump administration offers an unprecedented opportunity for the Bitcoin community. 

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