By Susie Violet Ward · Forbes · 12 December 2023
Javier Milei’s election victory over Sergio Massa in 2023 marked a major shift in Argentine politics. An economist influenced by the Austrian School, Milei had campaigned on radical plans such as closing the central bank and adopting the US dollar, while stopping short of declaring bitcoin legal tender. The article traces Argentina’s decline to protectionism, inflation, political instability and corruption, and recalls its debt crises, including the 2001 default.
It notes that an International Monetary Fund bailout came with conditions that barred institutions under the central bank from using bitcoin or other cryptocurrencies. Milei’s proposal was to let people choose freely between pesos, dollars, bitcoin or other currencies, building on an economy already split between pesos for everyday transactions and dollars for high-value purchases. The article also covers his plans to cut government spending and remove import controls linked to corruption.