{"id":26714,"date":"2023-12-16T15:45:52","date_gmt":"2023-12-16T15:45:52","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/who-is-javier-milei-argentinas-market-friendly-president\/"},"modified":"2023-12-16T15:45:55","modified_gmt":"2023-12-16T15:45:55","slug":"who-is-javier-milei-argentinas-market-friendly-president","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/who-is-javier-milei-argentinas-market-friendly-president\/","title":{"rendered":"Who is Javier Milei, Argentina\u2019s market-friendly president?"},"content":{"rendered":"
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Argentina welcomed a new president on Dec. 10, pledging profound economic reforms in the country, including the dissolution of the central bank along with a number of other measures aimed at reducing government size and spending.<\/p>\n
President Javier Gerardo Milei is also known as \u201cEl Loco\u201d (the crazy one), a nickname he\u00a0earned at school due to his explosive personality. During his campaign, Milei pushed his \u201ccrazy\u201d persona onto the stage, proposing disruptive measures to a population heavily burdened with a\u00a0161% annual inflation rate as of November. <\/p>\n
His economic proposals are based on his decades of experience as an economist, ranging from advising politicians to working on private pension funds and banks, and as a professor of macroeconomics and microeconomics, having published several papers about economic growth.<\/p>\n
<\/p>\n Milei\u00a0decided\u00a0to become an economist at 12 when the peso\u2019s exchange rate collapsed, sparking the country\u2019s first debt crisis in the 1980s. According to local media reports, Milei observed people fighting over groceries due to the situation. He then delved into the law of supply and demand, which says that demand for a product declines when the price rises and increases when the price drops \u2014 a key concept to understanding inflation. <\/p>\n The new president describes himself as a \u201cminarchist,\u201d a form of libertarianism that advocates for a minimal state and free markets. But Milei had been on the other side of the economic spectrum during his initial career. In a recent interview with The Economist, Milei\u00a0said\u00a0he was trained as a Keynesian in college \u2014 a reference to John Maynard Keynes\u2019 economic theories about the importance of the government in creating jobs and economic growth. <\/p>\n A few years later, after completing his two master\u2019s degrees, Milei found himself more aligned with neoclassical ideals and a devotee of \u201creal business cycle theory,\u201d a significant shift from traditional Keynesian views on the business cycle. Nowadays, he sees the government as a \u201ccriminal organization\u201d and blames Argentina\u2019s central bank for the\u00a0peso\u2019s devaluation over the past years. <\/p>\n \u201cThe state is a criminal organization that lives off a coercive source of income called taxes.\u201d\u00a0<\/p><\/blockquote>\n Although Milei is not formally acknowledged as a pro-crypto advocate, his ideologies align closely with several traditionally core crypto principles. Milei\u00a0believes that \u201cas time goes by, technology will allow us to move towards a free society\u201d in which contracts between individuals govern everything.\u00a0<\/p>\n \u201cContracts between individuals are the basis of the market. The market is a process of social cooperation where individuals voluntarily exchange property rights,\u201d he told The Economist. <\/p>\n His proposals for resolving Argentina\u2019s prolonged economic crisis do not explicitly include using Bitcoin (BTC) or other cryptocurrencies. However, he previously\u00a0hinted at Bitcoin as an alternative to monetary authorities.<\/p>\n \u201dWe have to understand that the Central Bank is a scam. What Bitcoin represents is the return of money to its original creation, the private sector.\u201d<\/p><\/blockquote>\n Milei promised to dollarize Argentina\u2019s economy, making the country\u2019s monetary system still under the eyes of a central bank \u2014 but in this case, the eyes of the United States Federal Reserve. <\/p>\n \u201cWhat I do see that has become popular is that Javier Milei is recognized as a Bitcoiner candidate when, in fact, he is not. In fact, he has mentioned on some occasions not being a specialist in cryptocurrencies and has mentioned that they will not be the focus of his government,\u201d Hern\u00e1n Gonz\u00e1lez, press officer of the nongovernmental organization Bitcoin Argentina,\u00a0told Cointelegraph.<\/p>\n Fernando Nikoli\u0107, an Argentine Bitcoin advocate and founder of Bitcoin Perception, shares a similar view. According to Nikoli\u0107, while Milei\u00a0has praised Bitcoin in interviews, his official program lacks any specific Bitcoin-friendly proposal.<\/p>\n Magazine:\u00a0<\/em><\/strong>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n <\/div>\n","protected":false},"excerpt":{"rendered":" Argentina welcomed a new president on Dec. 10, pledging profound economic reforms in the country, including the dissolution of the central bank along with a number of other measures aimed at reducing government size and spending. President Javier Gerardo Milei is also known as \u201cEl Loco\u201d (the crazy one), a nickname he\u00a0earned at school due […]<\/p>\n","protected":false},"author":1,"featured_media":26715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-26714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\nWhat is Javier Milei\u2019s real take on cryptocurrencies?<\/h3>\n