Both agree that CBDCs will not be allowed during their respective administration. At the moment, Trump is more bitcoin friendly than Milei. This article was written by Iñaki Apezteguia. Apezteguia is a specialist in cryptocurrencies and fundamental market analysis. He is currently co-founder of Crossing Capital, conducting global representation and crypto research for trading strategy. With 7 years of experience in the sector, Iñaki is also editor of Inversor Global, the number 1 financial publication company in Latam.
The relationship between Donald Trump and Javier Milei has had one more chapter now and we could say that it is the most important, because both are presidents and what they have transmitted as promises in their electoral careers at different times, today can become reality. Both pursue the MAGA slogan (Make America Great Again in the case of Trump and Make Argentina Great Again), and under that theme we find several points in common and some differences in their vision of bitcoin and cryptocurrencies, which merit a detailed analysis.
CBDCs will not exist in your administrations
Donald Trump has spoken out very explicitly twice. The first time at the beginning of the year, January 17, in a campaign speech in Portsmouth, New Hampshire, where he stated «Tonight I will make another promise to protect Americans from government tyranny. I will never allow the creation of a central bank digital currency.«And he confirmed it again, at the Nashville Bitcoin conference, on July 27 of this year, where he said «There will never be a CBDC as long as I am president of the United States.» Javier Miliei has also spoken about CBDCs and people's privacy. Recently, on November 12, he called CBDCs as the biggest scam in history. His words were “Don't let the States take charge. Let them stay in the private sector. They have already appropriated the paper money and are scamming us with the biggest scam in the history of humanity, which is the central banks.” Let us remember that he has promised to close the Central Bank. In this specific case, we see a difference with Trump, given that although he has said that the problem is in Washington, he did not speak out in favor of closing the FED.
Bitcoin as a strategic store of value
Trump has openly supported the idea of retaining the 208,000 bitcoins (according to Arkham Intelligence) that he holds from the US government, a consequence of the Silk Road confiscation 10 years ago. And he also supports the Strategic Reserve of Value Bitcoin Bill, which has already been presented to Congress for evaluation. To date, The Argentine Government does not hoard a single bitcoin. Neither the administration of Javier Milei nor the previous ones have officially communicated the possession of bitcoin by the State
Bitcoin as a solution to public debt
In August 2024, former US President Donald Trump suggested the possibility of using Bitcoin to address the country's growing national debt, which at the time amounted to $35 trillion, and today is over $36 trillion. In an interview with Fox News, Trump declared: «Who knows? Maybe we’ll pay our $35 billion and give them a little crypto check.” Since MIlei does not consider hoarding bitcoin as a reserve for the Argentine State, it is not a solution for the Argentine public debt either, which today amounts to $462,553 million according to the official October bulletin.
bitcoiner cabinet
Let's review the positions and actions related to Bitcoin and cryptocurrencies of the members of the cabinet appointed by President-elect Donald Trump. Robert F. Kennedy Jr.: Appointed Secretary of Health and Human Services, Kennedy has been an active supporter of Bitcoin, the staunchest among Cabinet members. It is worth noting that when he was in the middle of the presidential race, in July 2023, he proposed progressively backing the US dollar with Bitcoin and other hard assets to stabilize the economy. Additionally, he promised to exempt conversions from Bitcoin to US dollars from taxes. Elon Musk: Appointed to lead the Department of Government Efficiency, Musk has shown significant interest in cryptocurrencies. Today his company, Tesla, accumulates more than $1 billion in bitcoin. Vivek Ramaswamy: Co-founder of the Department of Government Efficiency with Musk, Ramaswamy has been an advocate for Bitcoin. In May 2023, he announced that his presidential campaign was accepting donations in Bitcoin. Matt Gaetz: Appointed Attorney General, Gaetz has expressed his support for Bitcoin. In June 2024, he introduced a bill proposing to allow Americans to pay their federal income taxes using Bitcoin, arguing that this measure would promote innovation and offer more flexibility to citizens. These appointments indicate a possible opening towards more favorable policies for the cryptocurrency sector in the next administration. In Javier Milei's cabinet, there are no members who have generated records as strong as the previous cases. Apart from the statements of the now president, it is worth remembering the position of the former Minister of Foreign Affairs of Argentina, Diana Mondino, who announced that, as of the entry into force of the Decree of Necessity and Urgency (DNU) signed by the president Javier Milei, it would be possible to agree contracts in Bitcoin and other cryptocurrencies in the country. In general, I consider that Donald Trump is embracing bitcoin much stronger than Javier Milei. The latter has said that the United States is beginning to take note of Argentina's model on issues of State efficiency to apply in the next administration. Could it be that Argentina will be able to copy some of the measures that Trump applies and there will be a barter that enhances the role of bitcoin in Argentina?
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