Is Javier Milei really the “pro-bitcoin” president we are led to believe?

Libertarian candidate Javier Milei was elected as the new president of Argentina on November 20. Described as "pro-bitcoin" by many media outlets and considered as such by a good part of the community, some people have doubts about this claim.

After promoting certain cryptocurrencies (other than bitcoin) and with his desire to dollarize Argentina's economy, it seems legitimate to question his real motivations regarding Bitcoin.

The work of the media, rightly nicknamed "the fourth estate", can greatly influence or reinforce certain traits for electoral purposes.

It could well be that the portrait of Javier Milei as a defender of bitcoin is part of an electoral strategy aimed at attracting the population of bitcoiners around the world.

The president of all excesses

The president whom his opponents nickname " Crazy " (the madman) because of his statements about communicating with his missing dog does not do things by halves. He has proposed several drastic measures such as reducing social assistance, eliminating several ministries including health, culture and diversity, abolishing abortion and relaxing restrictions on carrying weapons and selling human organs.

His favorite object at meetings and parades is a "chainsaw" which serves as a reminder of his ambition to "cut down" public spending.

He claims to be part of the ultra-liberal movement with a deep anarcho-capitalist tinge in his vision of the State. In fact, its main program consists of abolishing the Argentine peso and the central bank.

In fact, it is precisely this aversion to central banking – much like the libertarian authors he admires – that seems to have prompted the media to portray him as a “pro-bitcoin” advocate.

The combination was too attractive not to do, you might say.

The Bitcoin supporter who dreams of joining the United States Federal Reserve

Due to its anti-system position, it is indeed easy to link it to the supposed ideology of bitcoiners. Let us recall here, for the umpteenth time, that bitcoin users do not form a homogeneous group and that we cannot define a common political family. However, many authors including David Colombia sought to demonstrate a correlation between the ideology of ultra-right with the principles of bitcoin. Although it is one postulate among many others, some people still like to attach themselves to it and misunderstand it. In fact, some media and lobbyists have portrayed the candidate as a proud supporter of bitcoin.

To our greatest surprise, when questioning the content of Javier Milei's program regarding Bitcoin, we discovered nothing on this subject. Appalling, isn't it? The president's agenda contains nothing concrete about Bitcoin. We could have thought, like the President of El Salvador, to see real projects with concrete measures, businesses and the development of an entire ecosystem linked to Bitcoin.

At Milei, this is not the case.

Le Programs does not in any way mention a bill making bitcoin a national currency for example, as is the case in El Salvador.

If we refer to the program, we could even wonder if this "pro-bitcoin" label was not screwed on his head, against his will.

After all, he is a supporter of the dollar and as such, one could easily doubt his appetite for Bitcoin. Argentinians today use bitcoin and cryptocurrencies in response to a local currency which is suffering the pangs of inflation. The population then turns to bitcoin and cryptocurrencies to find a safe haven and a buffer against the decline in purchasing power. What will happen when the population can own dollars more easily? This could even jeopardize the adoption of bitcoin in the country…

Finally, we can hope that with such enthusiasm from bitcoiners around the world, Javier Milei lends himself to the game and decides to lay the foundations of a program based on bitcoin. If fulfilling prophecies exist, this would be a good example.

Edito : In December 2023, Javier Milei authorized the creation of private agreements denominated in cryptocurrencies including bitcoin.

Bitcoin or Ethereum, what is the difference?

When Javier Milei is asked about his program regarding Bitcoin, one can also question a speech that may seem very amateurish on the subject. The fact of evoking the "private sector", rather than "individual sovereignty" also testifies to a certain ignorance of the field.

Even more, in other interviews, the president shows that he does not differentiate between bitcoin and other cryptocurrencies. This is another clue that betrays his deep ignorance of the Bitcoin subject.

Far from being a maximalist, he mentions, for example, the cryptocurrency Ethereum which detaches itself very strongly from the principles of bitcoin. He also promoted crypto projects that turned out to be real scams operating on a vulgar scheme of Ponzi as was the case with the project coinX.

Moreover, a collective of victims has filed a complaint against Milei for having promoted what is nothing more and nothing less than a great scam.

Of course, promoting a scam doesn't make you a scammer. However, he could just as easily have promoted Bitcoin on his social media. That would be the least we could expect from a "pro-bitcoin" candidate, right?

Presidential campaigns must be paid well, some supporters will retort, for whom money definitely has no smell.

This is especially true for those who hold their noses and don't want to admit that they smell scorched...

So, finally, for those who are trying to figure out whether to call him “pro-bitcoin” or “pro-dollar,” don’t bother any longer. Like any good populist who respects himself, Milei is only “pro” in the art of manipulating attention.