Pro-Bitcoin Advocate Javier Milei Takes Lead in Argentina's Primary Election

Pro-Bitcoin Advocate Javier Milei Takes Lead in Argentina’s Primary Election

UTC by Chimamanda U. Martha · 3 min read
Pro-Bitcoin Advocate Javier Milei Takes Lead in Argentina’s Primary Election
Photo: World Economic Forum / Flickr

Milei’s political platform has been characterized by his passionate advocacy for BTC and his calls for the dissolution of the Argentine central bank.

Javier Milei, a prominent Argentinian politician known for his pro-Bitcoin stance and radical views on economic reform, has surged ahead in the country’s primary presidential election. Milei, who has been a vocal critic of the central bank and a staunch supporter of Bitcoin (BTC), is currently leading the race with over 30% of the votes counted, marking a significant shift in the country’s political landscape.

With an impressive 84% of the votes counted, Milei’s party, “La Libertad Avanza” (Freedom Advances), has secured 30.73% of the total votes. The figure puts him ahead of his competitors from the “Juntos por el Cambio” (Together for Change) party and the “Unidos por la Patria” (United for the Homeland) coalition, who have garnered 28.14% and 26.84% of the votes, respectively. The unexpected surge in support for Milei has surprised political analysts and pollsters, as pre-election polls had predicted a much narrower margin for him.

Milei Says Central Bank Is a Scam

According to reports, Milei’s political platform has been characterized by his passionate advocacy for BTC and his calls for the dissolution of the Argentine central bank. He has repeatedly criticized the central bank, labeling it a “scam” that enables politicians to manipulate the economy through inflation.

“The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary taxes,” he said.

His unwavering support for the crypto asset as an alternative to traditional financial systems has resonated with a significant portion of the electorate, particularly amid the country’s staggering annual inflation rate of 116%, the highest it has been in over thirty years.

However, Milei’s radical views extend beyond monetary policy. He identifies as an anarcho-capitalist and has made controversial statements, including advocating for the legalization of human organ sales and denying the existence of global warming.

Despite these unconventional viewpoints, his popularity has been fueled by his forceful critique of the current government’s economic policies and his promise to bring about substantial change.

Half-Baked Support for Bitcoin

While Milei has shown strong backing for BTC, the Argentinian politician does not endorse the idea of making the digital asset a legal tender within the country, as it was done in El Salvador in 2021 when the government officially adopted the use of the digital asset in the nation.

Instead, he believes in “dollarization” for the economy, implying that adopting the US dollar could offer stability and help alleviate the repercussions of inflation.

Meanwhile, according to Bloomberg data, the primary election results have set the stage for the general presidential election scheduled for October 22, where the candidates will compete in a three-way contest.

In order to secure the presidency outright, a candidate must receive at least 45% of the vote. However, if no candidate meets this threshold, a runoff vote will be held in November to determine the final winner.

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