Elon Musk sees a bright future for Argentina under its new pro-Bitcoin president
Elon Musk, CEO of Tesla (NASDAQ: TSLA) and native Argentinean, lauded the election of Bitcoin (BTC) supporter Javier Milei as a portent of economic stability for the country, which has been hit hard by high inflation and currency fluctuations.
In particular, Musk claimed that “prosperity is ahead for Argentina” in a comment he made on November 20 after Milei, a self-described anarcho-capitalist who backs Bitcoin, won more than 55% of the vote in the run-off presidential election.
To be sure, the newly inaugurated president of Argentina has been quite outspoken about his admiration for the flagship decentralized finance (DeFi) asset, stating that it marked “the return of money to its original creator, the private sector,” even though he has not yet revealed any concrete intentions to recognize it as legal tender.
While talking about Bitcoin earlier this year, Milei was very critical of central banks, describing them as frauds and advocating for the deposition of the Argentinian central bank and the dollarization of the country’s economy, which had inflation of 142% in October.
It is well-known that Musk is very enthusiastic about the cryptocurrency industry. The founder of SpaceX has been vocal about his support for Bitcoin and Dogecoin (DOGE), among others, and his preference for these digital currencies over fiat ones. Musk even goes so far as to suggest that traditional currencies could be digitalized using GPUs by 2030.
In other news, the first cryptocurrency asset saw a brief surge above the $37,500 mark after Milei’s victory announcement. It is now trading at $37,408, a gain of 2.61% in the past 24 hours, 1.13% in the past week, and 25.52% in the last month.