"With legal tender, they scam you with the inflationary tax... Bitcoin is the natural reaction against central bank scammers; to make money private again."
You probably recognize this as a quote from Argentina's newly elected president, Javier Milei.
After this statement on Bitcoin, the entire Bitcoin community was quick to label Javier Milei as pro-Bitcoin. For those seeking to apply the Bitcoin slogan to the letter by checking everything out for themselves, what followed was disappointing.
Indeed, if you dig deep into Javier Milei's program, you'll find that there's nothing to do with Bitcoin!
Of course, Javier Milei is a far-right libertarian, a fan of Donald Trump and Jair Bolsonaro, who claims to be anti-central bank. The problem is, he's also pro-dollar and plans to make the US dollar the official currency of Argentina.
An adoption of the US dollar as Argentina's official currency could even have ultra-negative effects on the adoption of Bitcoin in the country.
For someone who's considered pro-Bitcoin, you'll admit you've had better. Especially if you've been following the Bitcoin adventures of Nayib Bukele, President of El Salvador. Nayib Bukele is a true Bitcoiner. Not so for Javier Milei. At least for the moment...
Of course, there's no guarantee that Javier Milei won't take Argentina a step further by promoting the adoption of a Standard Bitcoin, but for the moment, we're a long way from that. Javier Milei has never declared any intention of moving in this direction, and above all, he won't have the majority in the Argentine parliament to pass such a decision!
So, let's be wary and wait to see what happens in practice.
As always with politicians, we'll have to wait and see whether campaign promises turn into reality. Hint: they rarely do!
I hope for the sake of Argentinians that things will be different with Javier Milei and that he will succeed in turning around the economy of a country that was posting 143% inflation in October 2023. The situation in Argentina is serious, and I wish Javier Milei all the best.
Time will tell.
In conclusion, don't be Bullish at the mere mention of the word Bitcoin by politicians who often seek to ride the Bitcoin wave. Wait to judge them by their actions. Don't Trust, Verify.
