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Javier Milei’s “Pro-Bitcoin” Stance Lacks Substance: Analyst

source-logo  coinedition.com 20 November 2023 05:14, UTC

Cryptocurrency analyst Adam Cochran, in a recent X post, doused some of the excitement that followed the victory of a noted pro-Bitcoin presidential candidate in Argentina.

The conservative La Libertad Avanza delegate candidate Javier Milei recently won the presidential election, sending ripples of excitement through the crypto community. Javier has repeatedly mentioned his pro-Bitcoin stance, including proposing using natural resources to support Bitcoin mining in the country.

However, Cochran said Javier’s Bitcoin stance “has been way overread into.” He continued, “Only formal Bitcoin policy I can find is he said he’d make sure it was legal for Argentines to freely buy and sell Bitcoin.”

While noting the upsides of Javier’s victory, Adam said that his policies wouldn’t do much for crypto other than what is currently allowed in the jurisdiction. He added that Argentina is already a good blueprint for the adoption of blockchains before lamenting, “Buuuut most of that happens in USDT…. On Tron…”

Recent reports stated that Tron’s influence in the USDT market has grown considerably, as is also the case in Argentina. Due to its low fees compared to Ethereum, a lot of users now opt for the blockchain.

Meanwhile, Javier in August faced lawsuits from crypto investors in Argentina after they accused him of promoting a crypto scam in March 2022. Notably, the investors who lost money said Javier posted a recommendation for the platform CoinX on his social media, which pushed them to invest.

Nonetheless, Javier’s victory remains a significant step as crypto continues to make inroads into South America. It also illustrates the growing influence of crypto in shaping political dynamics in different regions.

In the U.S., some presidential candidates have also expressed their support for crypto adoption ahead of the forthcoming presidential election. One of the candidates, Robert Kennedy Jr., plans to boost Bitcoin transactions and introduce tax incentives on the digital asset.

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