Javier Milei, a hard-right libertarian economist and a vocal supporter of Bitcoin, has won Argentina’s presidential election, defeating the incumbent Peronist coalition. Milei, who campaigned on a platform of radical free-market reforms and slashing public spending, has vowed to adopt the U.S. dollar as the official currency to end the country’s chronic inflation and economic crisis.

Michael Saylor praised Milei’s election

Milei’s victory comes amid a surge of popularity for Bitcoin and other cryptocurrencies in Argentina, as citizens seek alternatives to the devalued peso and the restrictive capital controls imposed by the government. Michael Saylor, the CEO of MicroStrategy and a prominent Bitcoin advocate, has praised Milei’s election and urged Argentina to adopt Bitcoin as a hedge against inflation.

Dollarization would restore confidence

However, Milei has made it clear that his priority is to dollarize the economy, not to promote cryptocurrency. He has argued that dollarization would restore confidence, stability, and growth to Argentina, and that Bitcoin is only a temporary solution until the country can access the greenback. 

He has also criticized the central bank and the monetary policy for being the root causes of Argentina’s economic woes, and has pledged to abolish the institution and return money to its original creator.

Milei’s radical proposals have sparked controversy and opposition from various sectors, including the Peronist movement, the labor unions, and the social movements. They have warned that Milei’s policies would deepen inequality, poverty, and social unrest, and that dollarization would undermine Argentina’s sovereignty and autonomy. They have also questioned Milei’s legitimacy and credibility, given his lack of political experience and his eccentric and confrontational style.