The ongoing inflation crisis in Argentina has been a major issue in the South American country, characterized by the Argentine peso recording an annual inflation rate of over 140% in the last 12 months. Many crypto advocates also argue that Argentina should adopt Bitcoin as an inflation hedge. That’s why some of the biggest Bitcoin supporters are celebrating Milei’s victory.
Milei has openly criticized the country’s central bank, calling it a fraud and a “mechanism through which politicians deceive the public with inflationary taxes.” He also sees Bitcoin as a movement aimed at “returning money to its original creator, the private sector.” In one of his previous interviews, Milei said:
“Using legal tender, they cheat you with the inflation tax… Bitcoin is the natural reaction against central bank fraudsters; “To make money private again.”
Still, he has shown no inclination to designate Bitcoin as legal tender in the country. However, if he thinks about it, Argentina would be the second Latin American country to make Bitcoin legal tender, after El Salvador.
Interestingly, Bitcoin maximalist Max Keizer said that he expects three Latin American countries to make Bitcoin legal tender by early 2024.
Massa’s views on the monetary system, banking and the cryptocurrency industry appear to be in stark contrast to those of Milei. Back in October, he pledged to introduce a central bank digital currency (CBDC) if elected, with the aim of “addressing” Argentina’s ongoing inflation challenges.
Bitcoin price action is imminent
As the next Bitcoin halving approaches, analysts are becoming more optimistic about Bitcoin. Ali Martinez points out that we are at the beginning of a 700-day Bitcoin bull run until October 2025.
Renowned social media trader Titan of Crypto recently confirmed its BTC price prediction ahead of the halving up to $50,000 on November 19th. Bitcoin Faces Stiff Resistance in Its Attempt to Cross $40,000 Level; Repeated attempts to break this level proved unsuccessful last week.
Titan of Crypto has also identified $39,000 as a critical limit, but this time as a lower bound for where BTC/USD should ideally stabilize before the upcoming block subsidy halving in April 2024.
“The pre-halving rally that I told you about a year or so ago is about to reach its target range between $39,000 and $50,000,” he said.
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