On the X exchange, formerly known as Twitter, Argentina’s President Javier Milei reiterated his support for Bitcoin, stressing the freedom of competition in the nation’s currency. This dialogue was sparked by an unusual greeting from the president on social media, which led to a discussion about BTC.
Milei Reiterates Her Support for Bitcoin
President Milei’s Twitter, “HOLA A TODOS…!!!” received a playful response from Gabor Gurbacs, founder of PointsVille and strategist at Tether, who replied, “Bitcoin a todos. :)” Milei then elaborated on his stance on the use of crypto currencies, saying, “There will be free competition of currencies so if you want to use Bitcoin there will be no problems… and you can use other units like WTI, BTU and whatever suits your business best. .. In terms of accounting, it is settled in the form of working capital.”
This statement emphasizes the Argentine government’s approach of not only not tolerating but also supporting the use of various currencies, including BTC, in its economy. Gurbacs acknowledged this position, replying, “It makes sense.” Free competition is good. Thank you President Milei!”
However, the discussion also highlighted concerns about the practical challenges of adopting Bitcoin as a mainstream currency. One user expressed a major regulatory hurdle, commenting, “Hi Javier! Please note this, we cannot use Bitcoin as a currency if regulations require us to calculate capital gains on all transactions.”
Another criticism came from a user known as Caliber Culture, who complained about the president’s lack of focus on Bitcoin as in El Salvador. He commented, “Unfortunately Milei doesn’t follow El Salvador’s verified playbook, only Bitcoin. It will speed up the progress and protect against scam money. ” Gurbacs responded to this, emphasizing his opinion by saying, “Free competition is enough.”
In contrast, senior BTC expert Max Keizer commented: “Allowing scam coins like ETH, etc. it will slow down progress in Argentina. Milei will figure this out eventually. Most make this mistake before they become BTC Maximalists.” The discussion also touched on BTC’s internal properties, highlighting its superiority over all other currencies, “But do you know that Bitcoin is the hardest sounding currency?”
But Argentina Is Not Following El Salvador’s Playbook
Recent weeks have seen an increase in misleading information about Miley’s position in BTC. Reports wrongly suggesting that Milei plans to use BTC as Argentina’s official currency have circulated, although this does not reflect his actual policy. Milei’s administration emphasized the dollarization of the Argentine economy and did not propose the adoption of Bitcoin as legal tender.
During a recent meeting with local regulators and the Director of the Crypto Active division of El Salvador, discussions were focused on the rights to hold and regulatory frameworks for crypto assets. This meeting did not include plans for the level of Bitcoin but aimed at creating a limited regulatory environment for cryptocurrencies in accordance with the guidelines of the Financial Action Task Force (FATF).
Argentina’s approach includes strict rules for Virtual Asset Service Providers (VASPs) to comply with GAFI guidelines, indicating a careful, not excessive, integration of cryptocurrencies into the country’s economy. While Milei’s comments on social media show a clear pro-BTC stance, they are part of a broader policy framework that advocates economic freedom and regulatory discretion, not the foundation of a Bitcoin-dominated economy.
At press time, BTC traded at $65,297.
Featured image from the Buenos Aires Times, chart from TradingView.com
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