Why Javier Milei's victory is bad news for Argentina (and for Bitcoin)

Javier Milei, elected in the midst of economic turmoil in Argentina, claims to embody anarcho-capitalism and proclaims himself a fan of bitcoin. However, behind this facade hides a character with radical ideas, far removed from the standards of freedom dear to Satoshi Nakamoto. His victory raises concerns, not only for Argentines but also for the image of Bitcoin, associated with aggressive discourse and a dangerous economic program.

Javier Milei, a cure worse than poison?

Argentina is experiencing an unprecedented economic crisis. Hit by the devaluation of its currency, prey to a chronic instability, the population suffers. It faces inflation of 140% over one year, with a poverty rate reaching 40%. It is in this context that the Argentines elected Javier Milei, an economist with an extremely radical vision. His program? An unprecedented cut in public services, with the promise of turning the country around. A form of reaction to the previous Peronist government of Sergio Mass, judged responsible for the disastrous situation in the country.
But if Javier Milei has recently become known by the crypto community, it is in particular for having mentioned bitcoin in his political program.

A fake anarchist

However, the recent victory of Javier Milei in the elections is nothing to rejoice, neither for the Argentines, nor for the development of Bitcoin. Although Milei claims to be anarcho-capitalisthe is in reality a libertarian, convinced that deliver a vulnerable population to the sole law of the market will be enough to reverse the trend. And on the scale of a country, this doctrine can prove particularly dangerous.
Thus, some “crypto-anarchists” are mistaken when they think that Javier Milei embraces values ​​of freedom. Anti-abortion, he is fiercely opposed to the right of women to dispose of their bodies as they wish. Close to the ideas of the extreme righthe also displays his sympathy for the Spanish political party Vox.
But more than that, Milei wishes rapid dollarization of the country, by purely and simply abolishing the national central bank. However, relying on the FED, the American central bank, seems far from a policy in favor of sovereignty. On the contrary, it seems to want to give the keys to its monetary policy to a foreign power. Whereas the United States is not really known for its benevolence towards South America.

The new Argentine president is thus far from being “anarcho-capitalist” as he claims to be. On the contrary, he defends a very classic policy, but with a radicality never seen before. Yanis Varoufakis, former Greek finance minister, on X, do not hesitate to compare him to Jorge Rafael Videla. This dictator is known for having led the “dirty war” and reigned terror over Argentina in the 1970s:

Milei is a new Videla disguised as a libertarian, determined to end the possibility of Argentine democratic sovereignty.

Javier Milei at the World Economic Forum in 2014.
Javier Milei at World Economic Forum in 2014.

Bad publicity for bitcoin

But beyond his dangerous program, it is through his speech that he does damage. Related to bitcoinn having mentioned it occasionally, the image of Javier Milei is particularly disastrous. His personality worries, as he increases the number of controversial interventions, adopting a particularly aggressive posture. Some have also seen signs of dementia. However, Bitcoin does not belong to anyone, and even less to an ambitious reactionary. Did he even take the time to seriously study bitcoin? Nothing is less sure. And we can legitimately fear that he only mentioned it in a electoral purpose.

Fortunately, several voices are raised in the French-speaking community to highlight the worrying and gloomy nature of this election. Because even if Milei is “pro-bitcoin”, he is in no way a desirable ambassador for BTC.

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