Bitcoin To Become Legal Tender In Argentina?

November 20, 2023 10:19 am Comments

Following the victory of libertarian Presidential candidate Javier Milei in Argentina, many are speculating if Bitcoin will become legal tender in the country.

Milei has been staunchly anti-state and vociferously pro-Bitcoin since the beginning of his campaign. If he moves to make Bitcoin legal tender in Argentina both his country and El Salvador may become global Bitcoin hubs.

It is no secret that Argentina is suffering from runaway inflation in the triple digits due to rampant government spending and poor monetary policies. This is a far cry from where the country was at the beginning of the 20th century. Reuters explained:

Annualized inflation hit 142.7% in October, the country’s statistics office said on Monday, with the monthly rise landing at 8.3%, although that was down from peaks in August and September and below analyst forecasts.

Argentina has for years battled high inflation, which economists blame on money printing and an entrenched lack of confidence in the local peso. Inflation has accelerated over the last year to its highest since 1991.

The phrase ‘as rich as an Argentine’ has been lost to history and has instead been replaced by a society that has become strangled by the bloated socialist welfare state.

We don’t yet know if Milei will actually make Bitcoin an officially recognized currency, but if he remains true to his rhetoric then there is a high likelihood that Bitcoin will soon become legally recognized tender in Argentina. American Libertarians Speculated:

Daily Coin noted:

Nonetheless, given Milei’s other radical plans, which include reducing the size of government with a 15% cut to public spending, cutting ties with the world’s workshop, China, and shutting down the Central Bank of Argentina, Bitcoiners are hopeful that BTC as legal tender is at least on the agenda for discussion.

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