Bitcoin Receives Renewed Support From Argentine President Milei

In an exchanges on X, formerly known as Twitter, Argentine President Javier Milei reiterated his support for Bitcoin, emphasizing the freedom of currency competition in the nation. This dialogue was sparked by a casual greeting from the president on the social media platform, which led to a conversation about BTC. Milei Reiterates His Support For […]

Jun 20, 2024 - 13:00
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Bitcoin Receives Renewed Support From Argentine President Milei

In an exchanges on X, formerly known as Twitter, Argentine President Javier Milei reiterated his support for Bitcoin, emphasizing the freedom of currency competition in the nation. This dialogue was sparked by a casual greeting from the president on the social media platform, which led to a conversation about BTC.

Milei Reiterates His Support For Bitcoin

President Milei’s tweet, “HOLA A TODOS…!!!” received a playful response from Gabor Gurbacs, founder of PointsVille and a strategist at Tether, who replied, “Bitcoin a todos. :)” Milei then elaborated on his stance regarding the use of cryptocurrencies, stating, “There will be free competition of currencies so if you want to use Bitcoin there will be no problems… and you can also use other units such as WTI, BTU and the one that is most appropriate for your business… In accounting terms, it is solved by the functional currency method.”

This statement underscores the Argentine government’s approach to not only tolerate but also support the utilization of various currencies, including BTC, within its economy. Gurbacs acknowledged this position, replying, “Makes sense. Free competition is good. Thanks President Milei!”

However, the discussion also highlighted concerns about practical challenges in adopting Bitcoin as a mainstream currency. One user expressed a significant regulatory hurdle, commenting, “Hi Javier! Please note this, we cannot use Bitcoin as a currency if the regulations ask us to calculate capital gains in each transaction.”

Another critique came from a user known as Calibre Culture, who lamented the president’s approach for not being as singularly focused on Bitcoin as El Salvador’s. He remarked, “Unfortunate that Milei doesn’t follow the proven El Salvador playbook, Bitcoin only. It would speed up progress and protect against scam coins.” Gurbacs responded to this, reinforcing his view with, “Free competition is enough.”

On the contrary, BTC maximalist Max Keiser commented: “Allowing scam coins like ETH, etc. will slow progress in Argentina. Milei will figure this out eventually. Most make this mistake before becoming BTC Maximalists.” The discussion also touched on BTC’s intrinsic properties, highlighting the superiority over all other currencies, “But does he know that Bitcoin is the hardest sound currency?”

But Argentina Is Not Following El Salvador’s Playbook

Recent weeks have seen a surge of misleading information about Milei’s stance on BTC. Reports inaccurately suggesting that Milei plans to adopt BTC as Argentina’s official currency have been widespread, though these do not reflect his actual policy. Milei’s administration has emphasized the dollarization of the Argentine economy and has not proposed Bitcoin adoption as legal tender.

During a recent meeting with local regulators and the Director of the Crypto Active division from El Salvador, discussions were focused on self-custody rights and regulatory frameworks for crypto assets. This meeting did not include plans for a Bitcoin standard but aimed at creating a balanced regulatory environment for cryptocurrencies in line with Financial Action Task Force (FATF) guidelines.

Argentina’s approach involves stringent regulations for Virtual Asset Service Providers (VASPs) to align with GAFI guidelines, indicating a careful, not wholesale, integration of cryptocurrencies into the national economy. While Milei’s comments on social media show a clear pro-BTC stance, they are part of a broader policy framework that advocates for economic freedom and regulatory prudence, not a pivot to a Bitcoin-dominated economy.

At press time, BTC traded at $65,297. Bitcoin price

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