Musk Praises Argentina’s Bitcoin-Friendly President
After the victory of Javier Milei, a Bitcoin-friendly president-elect in Argentina, Tesla CEO Elon Musk expressed optimism about the country’s future. Milei, an anarcho-capitalist who supports Bitcoin, won over 55% of the votes in the run-off presidential election. Musk took to Twitter to state that “prosperity is ahead for Argentina” after Milei’s win on November 20.
Milei’s Support for Bitcoin
Milei has been vocal about his positive views on Bitcoin, calling it the return of money to its original creator, the private sector. He has also criticized central banks and advocated for dollarizing the Argentinian economy, which has been plagued by inflation reaching 142% in October. However, he has not yet indicated specific plans to make Bitcoin legal tender.
Elon Musk’s enthusiasm for the crypto sector is well-known, as he has been a vocal promoter of cryptocurrencies like Dogecoin and Bitcoin. Following Milei’s win, Bitcoin briefly spiked above $37,500 and is currently trading at $37,408, marking a 2.61% increase in the last 24 hours and a 25.52% gain in the last month.
Hot Take: Bitcoin’s Impact on Argentina’s Future
The victory of Javier Milei and his pro-Bitcoin stance could mark a significant turning point for Argentina, especially amidst its economic challenges. With both Milei and Musk expressing optimism about the future prosperity of Argentina, it will be interesting to see how Bitcoin’s influence plays out in the nation’s financial landscape.
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