- Javier Milei promises to make Bitcoin a legal currency in 2025
- His libertarian and pro-crypto stance are gaining momentum
- Indicators of his initiatives are notable but mixed for Argentina
Argentina’s president, Javier Milei promises to make Bitcoin a legal currency in 2025, defending his libertarian stance and pro-crypto focus. This can be coupled with the recent US election and Donald Trump’s victory with his pro-crypto initiatives.
While Trump’s initiatives are still waiting for their indicators, Javier Milei’s year in office has already changed Argentina’s fortunes. On the one hand, the country has record-low inflation, but the poorest people are paying the price more than others.
More About Javier Milei’s Initiatives and Results for Argentina
Javier Milei is an absolute supporter of libertarian views and has been rapidly leading Argentina down that path during his year in office. Also, his libertarian stance is clearly coupled with a pro-crypto one, and along the way he has taken a new step by promising to make Bitcoin a legal currency in 2025.
His past initiatives are still generating mixed reactions. On the one hand, he is radically changing the financial system and is actively fighting hyperinflation. Recall that Argentina’s monthly inflation rate was 12.8% when he took office and has fallen to 2.4% during his administration, the lowest in four years. More importantly, his administration achieved a surplus for the first time in 16 years by cutting government spending by a third and ending the money issue.
However, this has a price and it’s not the same for everyone. The biggest cost is for the poorest people, who have been deprived of government subsidies as a result of drastic cuts in government funding and taxation. In particular, while inflation is falling rapidly the poverty rate has risen from 40% to 53%.
Conclusion
Argentina is experiencing an unprecedented financial experiment, the first unambiguous attempt to put libertarian theory into practice. And so far, it does not create any surprises, except that the numbers are higher than the estimates of some analysts.
But overall, Argentina is experiencing the expected economic strengthening and even development if we add the crypto initiative, and in parallel is facing unequal pay.
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