Over the weekend, the global blockchain community was rocked by the news of the emergence of Javier Milei as Argentina’s President. According to the results of the presidential run-off election on Sunday, Javier Milei won over 55% of the votes, per Bloomberg data.
What made Javier Milei’s win resonate with the blockchain community is his affinity for Bitcoin. The Argentine president-elect, who will assume office on December 10, has been very vocal about his positive views regarding Bitcoin and DeFi.
He believes that Bitcoin ushered “the return of money to its original creator, the private sector.” Earlier this year, while discussing Bitcoin, Milei expressed a very negative opinion of central banks, calling them scams. He also urged the removal of the Argentine central bank and dollarizing the economy that reached an inflation of 142% in October.
Related post: 2 years after El Salvador’s Bitcoin decision; a lesson for developing countries
Although Javier Milei to this point, has not gone as far as proposing making Bitcoin legal tender, this hasn’t stopped crypto stakeholders all over the world from seeing the development as positive for the space.
Tesla and X (Twitter) CEO Elon Musk praised his victory as the beginning of a period of prosperity for the Latin American nation. Musk commented on the post by X profile End Wokeness, stating that “prosperity is ahead for Argentina,” in a remark the entrepreneur made on Monday.
Expert says Javier Milei’s emergence is huge for crypto
In a conversation with Technext, Nathaniel Luz, CEO of Flincap Exchange and one of the foremost blockchain proponents in Nigeria, thinks Javier Milei emergence as the President of Argentina is a good one and a big plus for the global crypto community.
According to him, Latin America and Africa share several similarities in economic potential, and while crypto might be a luxury for the West, it is a lifeline for Latin America and Africa.
“These countries have seen their currencies fall massively, gone through devaluation and inflation, and other economic issues. The acceptance of Bitcoin poses several positive benefits for the global crypto/Bitcoin community.” – Nathaniel Luz, Flincap Exchange CEO.
There are speculations that Javier Milei might go ahead to make Bitcoin legal tender in Argentina just like his El Salvadorian counterpart, Nayib Bukele did in 2021. Nathaniel Luz says this is possible. However, he believes that the most important thing is having a Bitcoin-friendly economy.
“Even without making Bitcoin a legal tender, a crypto/Bitcoin-friendly economy would allow the influx of crypto startups and other crypto-inclined organizations. It will open up the country to investments and opportunities, just as it had done for the US and other countries, with many Bitcoin companies registering their institutions there.”
Read also: The knowledge gaps in crypto is wide, here’s how Nathaniel Luz is filling it
After El Salvador embraced Bitcoin in 2021, what followed was a market bull run which culminated in the flagship digital currency reaching its all-time high in November of the same year. There is now a conversation surrounding whether this could be repeated considering the fact that the industry has endured a brutal bear market for a while.
Nathaniel Luz says this can be a catalyst for a market bull run.
“A bull run happens when more people are interested, especially the big guys with more influence and international coverage. One President of a great country like Argentina going pro-bitcoin can go further than several months of adoption work, shedding a positive light on Bitcoin again. It can also kill negative Bitcoin agendas and associations like assumptions that Bitcoin is only used by criminals or for criminal activities.”
When Africa?
Africa has played a prominent role in blockchain/crypto adoption globally. However, the continent still suffers a dearth of pro-Bitcoin or pro-21st-century innovation leaders taking seats of power.
Related post: Nigerian crypto stakeholders share what Bola Tinubu needs to do for the industry to bloom
In Nathaniel’s view, we would start seeing the rise of this type of innovation leaders in Africa:
“But we must remember that this is a marathon, not a sprint. It won’t happen overnight, but it is sure to happen. We are playing a long-term game.” – Nathaniel Luz, CEO of Flincap Exchange.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
