ZoneBitcoin EditorialArgentina, a country that has been struggling with rampant inflation for decades, is seeing the emergence of a new political face: Javier Milei. During the presidential primaries, the far-right candidate obtained more than 30% of the votes, which places him among the favorites in the presidential elections which will take place on October 22.
While the country suffers from inflation of 115% currently, pushing half of the population below the poverty line, this new candidate embodies a glimmer of hope for the most disadvantaged population.
An economist by training and a fervent defender of ultraliberalism, Javier Milei is taking radical positions to transform the economic and social landscape of Argentina. A controversial figure, the one called the "Argentine Trump" is considered a pro-Bitcoin supporter, although he has not openly expressed his desire to make it a legal currency in the country.
But who is Javier Milei and how does he plan to save Argentina from its recurring economic crises? Is he really the pro-Bitcoin supporter the media portrays?
An economist who became a political phenomenon
Javier Milei, born October 22, 1970, is an Argentine economist and politician who defines himself as an “anarcho-capitalist”. A graduate of two master's degrees in economics, he first became known as an expert for economic analysis foundations and private welfare organizations.
However, it was his time on Argentine television that propelled him to the forefront. His incendiary rhetoric and controversial positions have made him a key media figure, and allowed him to gain a significant support base. In this respect, his rise is reminiscent of that of Eric Zemmour in France, who was very visible on television channels including cNews before the French presidential elections.
To further the resemblance with Zemmour, Milei is known for his virulent and vehement remarks in which he castigates former presidents and governments.
He denounces the politicians whom he calls "rats" forming "a caste of parasites" and insults any interlocutor who does not agree with him. “Zurdos de mierda,” he told them, “shit leftists.”
Javier Gerardo Milei: devil or savior of liberalism?
His political rise began in 2021, when he was elected deputy for the city of Buenos Aires with 17,06% of the vote, placing him as the best-elected deputy in the capital. During
Building on this success, Milei launched the race for the presidency of Argentina with a radical program of economic reforms.
A radical economic program
Javier Milei presents himself as a fierce defender of the free market and economic ultraliberalism. He proposes a series of radical measures to fight inflation and revive the Argentine economy.
Among his proposals is the elimination of the Argentine central bank, which he considers a "scam" that causes economic instability. He also advocates the dollarization of the Argentine economy to stabilize the currency and fight inflation. Thus, if the candidate is elected, the country would then use the U.S. dollar and the Argentine peso would be completely eliminated.
Milei proposes drastically reducing public spending, notably by eliminating certain ministries and privatizing many sectors of the economy. He also favors the total liberalization of the economy, including the establishment of a market for the purchase of human organs which he considers to be a market like any other. He is also for the free carrying of weapons in the country.
Conservative social positions
In addition to his radical economic positions, Javier Milei also has conservative views on certain social issues. He is staunchly against legal abortion, which he calls an infringement of the property rights of the fetus. He is also in favor of carrying guns, saying it is a fundamental right of individuals.
These positions, as well as his provocative and sometimes insulting rhetoric, have attracted widespread criticism. However, they also seem to have appealed to part of the Argentine electorate, in particular young people and residents of poor neighborhoods who want a radical change in politics.
Growing popularity despite controversies
Despite the controversies, Javier Milei's popularity continues to grow. His populist and anti-establishment approach seems to attract voters, especially young people and poor neighborhoods. His victory speech in the primaries was marked by bold promises to make Argentina a "world power."
However, Milei's popularity is not limited to Argentina. He has also managed to attract international attention, especially due to his comparisons with other controversial political figures, such as Donald Trump or Jair Bolsonaro. The party he founded "La Libertad Avanza" is a coalition that he describes himself as belonging to libertarianism and the extreme right.
What is Javier Milei's position on bitcoin?
Since 2016, Argentina has been waging a war against fearsome inflation caused by multiple and complex economic factors. This has brought more than 37% of the population below the poverty line with a constant depreciation of citizens' purchasing power. In 2022, the country records a sixth economic recession in the space of a single decade.
In this context, many Argentinians have turned to bitcoin as a hedge against inflation. For many people, Bitcoin could boost the Latin American economy.
Read the article : How is bitcoin a hedge against inflation?
Thus, even before the arrival of Javier Milei, the Argentine government has a policy that can be judged to be crypto-friendly, in to the extent that it is already possible to pay taxes in cryptocurrencies.
Javier Milei, has stated that he is a supporter of Bitcoin and this has led many bitcoiners to support him. However, its position is not comparable to that displayed by Nayib Bukele, who made bitcoin legal tender in the country. Indeed, Javier Milei wants to establish the American dollar and has not (yet) commented on the legalization of bitcoin in Argentina.
Thus, the support of bitcoiners for the candidate Javier Milei must be understood as a whole so as not to obscure the extreme positions that he defends in parallel. It would indeed be dangerous to support a candidate solely for his appreciation of Bitcoin and turn a blind eye to the rest of his program.
An uncertain political future
Despite his success in the primaries, the political future of anti-system candidate Javier Milei remains uncertain. His provocative rhetoric and radical positions certainly appealed to part of the electorate, but they also generated a lot of controversy and criticism. In addition, his lack of political experience and the extremism of some of his proposals could constitute obstacles to his election to the presidency.
Regardless, the emergence of Javier Milei as a major political figure in Argentina reflects growing discontent with the country's economic situation and the inability of traditional parties to provide solutions. Whether or not he manages to realize his presidential ambitions, Milei has already managed to shake up Argentina's political landscape and stimulate debate on economic and social policies in the country and around the world.
Conclusion
Javier Milei is a new face of extreme ideology who has captured the attention of the Argentine electorate with his provocative rhetoric and radical economic positions. Although controversial, Milei represents an alternative to the political status quo in Argentina and offers a radically different vision for the country's economic future. After decades of economic crises, Argentinians are looking for a radical solution to finally get their heads above water.
Only time will tell if his bold proposals will be enough to convince Argentine voters to entrust him with the reins of power.
High inflation in Argentina is a complex problem that has deep roots in the country's economic history. Despite the government's efforts to control inflation, the country continues to face major economic challenges. It is clear that structural reforms and prudent economic management will be necessary to overcome these challenges and stabilize the Argentine economy in the long term.
Finally, it is important to remember that the far-right candidate who claims to support Bitcoin must not leave room for confusion. Bitcoin as a financial innovation is apolitical and should not be exploited by political parties, of whatever stripe.
See as well:
- Here's why we need to depoliticize bitcoin
- Can bitcoin solve inflation in Argentina?
- Can Mexico become the next country to legalize bitcoin?
