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11/28/2023

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Cardano's Founder Praises Argentina's New Pro-Bitcoin President: Here Is Why

TL;DR Javier Milei, an “anarcho-capitalist” and proponent of cryptocurrencies, won Argentina’s presidential election with 56% of the vote, promising to dismantle the central bank. Cardano founder Charles...

Cardano's Founder Praises Argentina's New Pro-Bitcoin President: Here Is Why

TL;DR

  • Javier Milei, an “anarcho-capitalist” and proponent of cryptocurrencies, won Argentina’s presidential election with 56% of the vote, promising to dismantle the central bank.
  • Cardano founder Charles Hoskinson commended Milei’s win, viewing it as a chance for Argentina to lead in blockchain technology adoption.
  • Argentinians are increasingly turning to digital currencies, particularly US dollar-pegged stablecoins, amidst the country’s high inflation rate, which surpassed 140%.

‘Crypto is the Answer’

Argentina’s presidential election earlier this month was among the most discussed news across the globe considering the economic turbulence in the South American country and the controversial candidates. Somewhat surprisingly, the new political leader of the nation will be the self-described “anarcho-capitalist” Javier Milei, who collected 56% of the vote.

Apart from his eccentric outlook and peculiar political view, he is also known as a keen proponent of the cryptocurrency industry, particularly Bitcoin. Milei, described as “Argentina’s Trump,” has vowed to shut down the country’s central bank, blaming it for causing the skyrocketing inflation in the region.

One person who congratulated him for emerging victorious in the elections was Cardano’s founder – Charles Hoskinson.

“Someone who says government is the problem, not the solution to the problem. And the government creates the problems: I like that guy. And you know what crypto is the answer: we have to get him completely on board with the blockchain industry,” Hoskinson said.

He went further, claiming that Milei’s appointment as Argentina’s new president gives the country the unique opportunity “to lead the world.”

Argentine’s Affection to Crypto

Some residents of Argentina have shown great interest in digital currencies, more specifically, stablecoins pegged to the US dollar due to the depreciating national currency. The reason behind their move could be the unsatisfying condition of the local economy and the galloping inflation. 

Argentina’s annual inflation rate hit over 140% in October with the country remaining among the most struggling globally in terms of financial stability. 

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