To Bin or Not to Bin: Argentina Dollarization Plans vs. BTC Adoption

A prominent Argentine lawyer advised the leading presidential candidate to abandon his dollarization plans for the sake of Bitcoin (BTC) adoption.

To Bin or Not to Bin: Argentina Dollarization Plans vs. BTC Adoption

The suggestion was addressed to a right-wing politician – Javier Milei who was, according to some commentators, described as a populist. Milei has previously expressed support for Bitcoin and was involved in a crypto-related controversy last year.

Milei's manifesto includes a two-and-a-half-year plan to dollarize the Argentine economy, aiming to stabilize it after years of hyperinflation. Recent polls indicate a projected inflation rate of 142% for Argentina this year, down from previous estimates.

While Milei is not the sole politician in the country advocating for dollarization, he has emerged as one of the most vocal proponents of adopting the USD.

Meanwhile, Carlos Maslatón, a prominent lawyer-turned-politician, and advocate for Bitcoin (BTC), has expressed strong opposition to Milei's plan.

On his Twitter, Maslatón criticized Milei’s plan to dollarize the economy and referred to it as a “joke”, saying:

“The dollar was and is imposed by force. It [...] expands at the will of the North American state, without limit or criteria. The only voluntary currency in circulation is Bitcoin, which I have been talking to you about since 2013. But you could never understand [BTC], as you are pro-paper money.”

Despite his aspiration to run for president under the La Libertad Avanza alliance, Maslatón failed to secure party approval for his candidacy.

Interestingly, recent opinion polls report from Reuters reveals that Milei’s support rate is around 18%, which is roughly 10% less than the leading candidate’s – Sergio Massa.

Maslatón's statements generated numerous responses, including a suggestion from a prominent observer who proposed that Argentina should introduce an "innovative" crypto asset backed by gold, adding that “inflation belongs to a bygone era.”

In response to Milei's criticism of the fiat peso, the lawyer addressed the USD-related comments made by Milei. Milei asserted that the legal tender status of the peso "benefits political [thieves]."

Notably, an increasing number of Argentine politicians, such as Martin Tetaz, a lawmaker from Buenos Aires, have expressed support for Bitcoin's (BTC) adoption. In May, Tetaz advised citizens to consider storing their savings in BTC instead of USD or pesos.

In light of Buenos Aires' efforts to obtain a new IMF loan, the government has expedited the implementation of crypto regulations due to the rapid increase in cryptocurrency adoption among the public.

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