In the first round of Argentina’s presidential election on October 23, Javier Milei, self-identifying as an anarcho-capitalist, faced an unexpected defeat at the hands of centrist finance minister Sergio Massa.

Finance Minister Takes the Lead

Milei has rallied for a reduction in government size and the complete elimination of the country’s central bank, which he considers a scam. In a similar vein to Bitcoin-friendly El Salvador, he plans to replace the peso, but with the US dollar. He has also characterized Bitcoin as a solution to what he calls “central bank scams” and argues that fiat currency enables politicians to exploit the country’s population through inflation.

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