Musk Praises Argentina’s Bitcoin-Friendly President
Following the victory of Javier Milei, a Bitcoin-friendly president-elect in Argentina, Tesla, Inc. CEO Elon Musk (Tesla & SpaceX CEO) expressed optimism about the country’s future. Milei, an anarcho- investor 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 founder, the private sector. He has likewise criticized central banks and advocated for dollarizing the Argentinian economy, which has been plagued by inflation reaching 142% in October. Nonetheless, he has not yet indicated specific intends to make Bitcoin (BTC) legal tender.
Elon Musk’s enthusiasm for the cryptocurrency sector is known, as he has been a vocal promoter of digital currencies like Dogecoin (DOGE) and Bitcoin. Following Milei’s win, Bitcoin (BTC) briefly spiked over $37,500 and is as of now currently worth $37,408, marking a 2.61% increase in the previous day and a 25.52% gain in the last month.
Hot Take: BTC’s Impact on Argentina’s Future
The victory of Javier Milei and his pro- Bitcoin (BTC) stance could mark a whole lot of 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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