Argentina’s leading presidential candidate, Javier Milei, argues that Bitcoin can compete with other currencies, which is good because it is the return of private money.
He also wants to shut down the central bank.
Can Milei become Argentina’s next president?
More in our Headline article.
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In a recent interview with local media, Javier Milei, the eccentric economist and one of the top Argentinian presidential candidates, argued that Bitcoin prevents politicians from robbing the citizens. When the interviewer asked Milei about his opinion regarding Bitcoin, given that no one knows its origins, the presidential candidate said, “the first thing we have to understand is that the central bank is a scam.”
Then, he further explained that the central bank is a mechanism by which politicians cheat the citizens through inflationary tax. However, Bitcoin represents the return of money to its original creator (the private sector). Milei further said paper money is a private invention introduced by central banks to solve the problems in the bartering economy (the double coincidence of wants and indivisibility).
The return of private money
Milei added that paper money also solved the issue of portability as there were different currencies, such as linen, wheat, and salt. Also, people started choosing gold for significant transactions and silver for small transactions. Then, over time, authorities made paper money become legal tender.
However, Milei emphasized that the introduction of legal tender allows politicians to scam people under the guise of an inflationary tax. Then, he explained that Bitcoin differs from paper money since it has a supply cap beyond which it will no longer be minted. Milei also argued that Bitcoin could compete with other currencies, including other cryptos like Ethereum.
He believes Bitcoin is a good thing because it is the return of private money. Then, the presidential candidate added that the problem is that governments aren’t willing to give up legal tender as accepting Bitcoin means they can no longer scam people through inflationary tax. He further argued that Bitcoin is the natural reaction against central bankers’ scam of inflationary tax.
Can Milei become Argentina’s next president?
Meanwhile, a recent presidential poll by Synopsis, a political consultancy firm, shows that Javier Milei ranks third among the leading presidential hopefuls, with the Juntos Per El Cambio alliance and Frente De Todos ahead of him. The synopargentinasis report states that the study indicates the direction the electorate is going as there is now an emergence of a third and competitive sector challenging the status quo of the two coalitions.
