After winning the presidential election in Argentina, the now president-elect Javier Milei plans to receive a diplomatic visit from a delegation from El Salvador, sent by President Nayib Bukele called “Team Bitcoin El Salvador”, and led by investor Max Keizer, which He will meet with the elected president in order to extend an invitation for Milei, who assumes the presidency of Argentina on December 10, to make an official visit to El Salvador.
Previously, the Argentine president-elect has expressed admiration for his Salvadoran counterpart.
It is worth mentioning that Javier Milei has been very critical of the management of money in Argentina, pointing out the need to recover “ownership of money” and even questioning the role of the Argentine central bank. Although he did not openly mention the adoption of Bitcoin (BTC) as in El Salvador, he has shown good reception for Nayib Bukele’s actions.
What do the specialists think?
The news has generated high expectations in the industry, given that an eventual meeting between both leaders would take place in the midst of a bullish rally in cryptocurrencies, with Bukele announcing his intention to seek re-election as president of El Salvador, while enjoying popularity of 70%.
Meanwhile, Javier Milei is seen favorably by the global markets so that Argentina begins – gradually – an economic recovery of a country that, currently, has an interannual inflation rate calculated by the CPI that amounts to 142.7%.
The CEO of CryptoMarket – a pioneering exchange in Latam -, María Fernanda Juppet, indicated that:
“Javier Milei’s victory in Argentina becomes a positive element for the crypto world judging by his sympathy towards the sector, especially for the proposals of the now president-elect regarding the financial world. However, although there are good omens for the future of cryptocurrencies in Argentina, many doubts still remain about how that point will be reached, especially when reviewing and considering his government program on economic matters. So although expectations are auspicious, we must also observe the behavior, announcements and actions once Javier Milei assumes the presidency of Argentina starting next December 10.”
“Although Javier Milei has expressed significant support for Bitcoin, there is no confirmation if he would consider the inclusion of this cryptocurrency within Argentina’s reserves. It is important to recognize that the future president of the nation is maintaining a close relationship with the IMF, an entity that has historically shown reservations towards cryptocurrencies. However, this possibility is not ruled out, considering that the idea has been a topic of discussion in recent months. Adding to this, a ‘bull run’ is expected in the coming months, which could benefit Argentina if it decides to join the crypto world like El Salvador did,” says Ramiro Raposo, VP of Growth at Bitwage – a leading and pioneering company in payment of fees in cryptocurrencies.
Asked about the reactions of the crypto market, CryptoMarket ‘s Global Strategic Alliances Manager , Guillermo Escudero, indicates that:
“If we relate it to the crypto market, we estimate that exchange rates will continue to rise, but let us remember that the Argentine Central Bank (BCRA) has a Crawling Peg policy that already affects the exchange market and exchange rates, including the crypto dollar. . The Crawling Peg is a progressive and controlled rise in the currency, which avoids large jumps in the price, where a floating exchange rate with a floor and a ceiling is defined; and the BCRA intervenes by buying or selling when the exchange rate passes these limits: and to this is added that there were strong controls in the informal market, which caused the exchange rates to be contained in the last 3 months.”
For his part, Tulio Núñez, General Counsel of Koibanx , in a recent webinar called “Financial Innovation 3:0”, which the company gave to more than 50 representatives of organizations in the financial ecosystem, stated:
“In El Salvador, tokenization and transactions through blockchain, in which our company Koibanx was involved in the process, have allowed an innovative way to connect traditional systems with the emerging technology of Web 3.0. This measure was a significant step towards innovation by traditional banks. We firmly believe that collaboration with financial institutions is one of the most effective approaches to achieve significantly greater levels of financial inclusion.”