Benzinga - Argentinian President Javier Milei recently expressed his support for the free competition of currencies, including Bitcoin (CRYPTO: BTC), in an X post Wednesday.
What Happened: Milei, known for his pro-Bitcoin stance, was responding to a pleasantry by Gabor Gurbacs–a cryptocurrency analyst who was previously employed with VanEck–who said, “Bitcoin a todos,” meaning “Bitcoin to everyone.”
Milei replied in Spanish, translating to “There will be free competition of currencies so if you want to use Bitcoin there will be no problems.”
Habrá libre competencia de monedas así es que si querés usar el Bitcoin no habrá problemas… y también podrás usar otras unidades como el WTI, BTU y la que te resulte más acorde en tu negocio…Es más contablemente se resuelve por el método de moneda funcional…
— Javier Milei (@JMilei) June 19, 2024
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The pro-Bitcoin crowd cheered the comment, with Gurbacs appreciating the support lent by Milei and El Salvador President Nayib Bulekele for free markets and Bitcoin. He added, “The world has much to learn from the modern economic blueprint in Central and South America, with Argentina and El Salvador leading.
Why It Matters: A libertarian economist, Milei been vocal about his plans to stabilize the country's economy through fiscal austerity and a shift away from money printing.
The president has pushed for the adoption of digital currencies as a potential solution to the country’s economic woes. In the past, he praised the scarcity-driven growth model of Bitcoin and dubbed the asset a way to return monetary power to people.
Milei’s interactions with tech leaders like Elon Musk have also attracted significant interest. Musk posted a picture with the President with the caption, “”I recommend investing in Argentina,” when the two met on the sidelines of the 27th annual Milken Institute Global Conference last month.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,094.44, following a 0.25% drop in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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