In an exchange on X, formerly known as Twitter, Argentine President Javier Milei reiterated his support for Bitcoin, emphasizing the freedom of monetary competition in the country. This dialogue was sparked by an informal greeting from the president on the social media platform, which led to a conversation about BTC.
Milei reiterates his support for Bitcoin
President Milei’s tweet, “HOLA A TODOS…!!! ” received a playful response from Gabor Gurbacs, founder of PointsVille and strategist at Tether, who replied: “Bitcoin has todos. :)” Milei then elaborated on his stance regarding the use of cryptocurrencies, stating: “There will be free competition of currencies, so if you want to use Bitcoin there will be no problem… and you can also use other units such as WTI, BTU and whichever is most appropriate for your business… In accounting terms, the problem is solved by the functional currency method.
This statement highlights the The Argentine government’s approach not only tolerate but also support the use of various currencies, including BTC, within its economy. Gurbacs acknowledged this position and responded: “It makes sense. Free competition is a good thing. Thank you President Milei!
However, the discussion also highlighted concerns about the practical challenges of adopting Bitcoin as a dominant currency. One user expressed a significant regulatory hurdle, commenting: “Hi Javier! Please note, we cannot use Bitcoin as currency if the regulations require us to calculate the added value for each transaction.
Another criticism came from a user known as Caliber Culture, who lamented the president’s approach as not being as focused on Bitcoin as El Salvador’s. He remarked: “Unfortunate that Milei does not follow proven principles. El Salvador Gambling Guide, Bitcoin only. This would speed up progress and protect against fraudulent parts. Gurbacs responded to this by reinforcing his view: “Free competition is enough.”
On the contrary, BTC maximalist Max Keizer commented: “Allowing scam coins like ETH etc.” will slow progress in Argentina. Milei will eventually understand this. Most make this mistake before becoming BTC maximalists. The discussion also touched on the intrinsic properties of BTC, highlighting its superiority over all other currencies: “But does he know that Bitcoin is the strongest and healthiest currency?
But Argentina isn’t following El Salvador’s playbook
Recent weeks have seen a wave of misleading information about Milei’s position on BTC. Reports falsely suggesting that Milei is considering adopting BTC as Argentina’s official currency have spread, although they do not reflect his actual policies. Milei’s administration has focused on the dollarization of Argentina’s economy and has not proposed the adoption of Bitcoin as legal tender.
During recent meeting With local regulators and the director of El Salvador’s Crypto Active division, discussions focused on custodial rights and regulatory frameworks for crypto assets. This meeting did not include a draft Bitcoin standard, but aimed to create a balanced regulatory environment for cryptocurrencies, in line with the Financial Action Task Force (FATF) guidelines.
Argentina’s approach involves strict regulations for virtual asset service providers (VASPs) to align with FATF guidelines, indicating careful, not massive, integration of cryptocurrencies into the economy national. While Milei’s social media comments show a clearly pro-BTC stance, they are part of a broader policy framework that advocates economic freedom and regulatory prudence, not a pivot to an economy dominated by Bitcoin.
At press time, BTC was trading at $65,297.
Featured image from Buenos Aires Times, chart from TradingView.com
