On November 19, 2023, Argentine voters elected Javier Gerardo Milei, an Austrian economist known for his candid and unconventional style, as their new president. He ran on a platform that promised substantial reforms: cutting spending, reducing government intervention, tackling inflation and eliminating the central bank.
Milei’s path to victory was unexpected. In the general elections he obtained second place with 30% of the votes, behind Sergio Massa, of the Peronist establishment, who obtained 37%. Patricia Bullrich, former Minister of Security in President Macri’s government, obtained 24%. These results forced ballot, or a second round between Massa and Milei.
On the night of the second round, it became clear from the start that Massa’s side would not prevail, prompting him to concede before the official results were published, extending his good wishes to Milei.
Milei’s victory speech
During his victory speech, Milei conveyed several key messages:
– He emphasized the beginning of Argentina’s reconstruction and thanked key figures, including election observers from his party and the PRO, an establishment coalition party. He also thanked former President Macri and his electoral opponent, Patricia Bullrich, recognizing his contribution to achieving change.
– Milei declared the end of what he called “Argentine decadence”, denouncing a system that favors a privileged few and promising to review the principles of freedom, the ideas of Alberdi (an Argentine libertarian) and the vision of Argentina’s founding fathers .
– Invited all Argentines to join this new transformational project by embracing freedom, highlighting unity over differences and recognizing the resistance of those entrenched in the existing system. His message to his opponents was shocking, as he warned them that under a Milei administration, “everything within the law and nothing outside the law.”
– Affirming the need for immediate and drastic changes, he warned of an imminent crisis if the country does not quickly address critical issues such as inflation, poverty, security and unemployment. He stressed that his administration could not afford gradualism, lukewarm implementations and half-measures and that changes must be rapid.
– Milei extended a global commitment to democracy, free markets and cooperation with other nations for a better world, culminating in his passionate rallying cry: “Long live freedom, Damn!“—Long live freedom, damn it!
The appeal of post-partisan politics in Latin America
While Milei’s victory marks a milestone for Latin America in advancing post-partisan politics, with Salvadoran President Bukele leading the movement, and potentially influencing bitcoin adoption, some caution is warranted. Milei himself is not a Bitcoiner, but as an Austrian economist, he understands the need for bitcoin to counter Keynesian and central bank policies. In fact, one of his main political pillars is to dollarize the Argentine economy to more faithfully reflect the reality of what is already happening on the ground. Dollarization of the country alone is one of the most anti-bitcoin measures you could take; However, this is where idealism meets reality, and Milei must do what is best for Argentina.
Milei’s alliance with the conservative and center-right party, PRO and Patricia Bullrich, could require compromises to obtain political support. Her challenges echo those of Macri, including the need to move toward market-friendly policies, address accusations of corruption and avoid perceived favoritism toward Argentina’s elite.
Despite Milei’s limited support in Congress, his need for votes can lead to political compromises, possibly deviating from his intended policies. El Salvador’s President Bukele found himself in a similar situation when he was prevented from running in his own party and then opted to run with a political rival, GANA. While Bukele did not capitulate to GANA and eventually won enough votes in Congress, it is still unclear how Milei’s situation will affect his policies.
Don’t trust Milei, verify
It is crucial for Bitcoiners to be patient and manage expectations as Milei did not use bitcoin as a primary economic policy. While Milei aims to address deep-rooted issues in Argentina, its primary focus might not align with Bitcoiners’ views on bitcoin adoption. Argentina, with its size and resources, has the potential to achieve greatness, but Milei recognizes this and will likely proceed cautiously in some areas and be quick in others, and not all of it will be to Bitcoiners’ liking.
As My first bitcoinThe founder of, John Dennehy, put it best: “There has been a lot of applause here because the president-elect of Argentina, Javier Milei, has said positive things about bitcoin. If we judge politicians not by what they have done but by what they promised during their campaign, then we will have learned nothing. Don’t trust, verify.”
This is a guest post by Jaime Garcia. The opinions expressed are entirely their own and do not necessarily reflect those of btc Inc or bitcoin Magazine.
