Benzinga – Bitcoin (CRYPTO: BTC) is climbing Monday following the election of crypto-advocate, Javier Milei as the president of Argentina.
What To Know:
Javier Milei is a self-described “anarcho-capitalist” who has advocated for the abolition of the central bank, restricting government spending and a return to capitalist ideals. Milei supports Bitcoin and cryptocurrencies as a return of the control of money to the private-sector and away from a centralized banking system.
Milei has said, “We have to understand that the central bank is a scam,” when asked about bitcoin. “What bitcoin is representing,” he continued, “is the return of money to its original creator, the private sector.”
Milei has criticized the country’s central bank for money-printing and contributing to massive inflation and plans to replace the peso with the U.S. dollar as the official currency. After the election was conceded on Sunday night, Milei said, “Closing the central bank is a moral obligation.”
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BTC Price Action: According to Benzinga Pro, Bitcoin is up 2.37% at $37,435.37 at the time of publication.