Key facts: Bukele and Milei, at the center of the confrontation, would show their different approaches. Trump and Biden would face off in a battle of egos for control of the narrative about Bitcoin. Political debates can cover a wide range of aspects. There are entertaining or boring, funny, embarrassing and even absurd. Some may even be promoted as the “fight of the century”, and at that level I can only imagine a discussion about bitcoin (BTC) between Nayib Bukele, Javier Milei, Donald Trump and Joe Biden. It is difficult to visualize in which scenario a political confrontation of this type could occur, although it is not completely ruled out if we take into account that Many politicians have been on the stage of the world's major Bitcoin conferences. They seek to capture the attention of a public that increasingly has more decision-making power in electoral events, especially if they have the muscle to finance candidates for the presidency of some of their countries. So let's imagine that Bukele, Milei, Trump and Biden coincide at an upcoming Bitcoin conference to be held in Miami. It would be an unprecedented event that would confront, on the same stage, rulers and former rulers of Latin America and the United States. There would also be old-school politicians in full swing, facing off against those of the new era. It would be interesting to see the contrast between Milei and Bukele, the two politicians who burst onto the Latin American scene, as happens, with all due respect, with Cristiano Ronaldo and Lionel Messi in football. Their constant struggle to outdo each other has raised the level of the game and inspired other footballers to strive harder to reach their full potential. On the side of Milei and Bukele, they are contributing to changing the way politics is done and governed in the world, promoting a more direct style, focused on achieving short-term results. They promote an anti-establishment approach in his government. They have strong, unfiltered rhetoric, which is often controversial and generates controversy. And, furthermore, they are impulsive in their actions and decisions. They often act unilaterally, without consulting other sectors of society. So these emerging leaders, along with the traditional politicians present, represented in Trump and Biden, present at the same event, would undoubtedly reveal the generational and thought gap that exists in current politics. This is to present to the world a new model for governing. Ultimately, this event would mark a milestone in the history of cryptocurrencies and politics, consolidating the relevance of Bitcoin as a disruptive force on the global stage. It is true that these elements do not matter to the Bitcoin network, which remains immutable, generating blocks approximately every 10 minutes. However, it should be noted that, for bitcoin to scale towards definitive hyperbitcoinization, will need politicians to give adoption a boost.
For bitcoin to truly become widespread globally, connectivity in every corner of the planet, education, infrastructure and more is required. These are elements in which politicians can contribute to accelerate the process. But, for this to happen it is really necessary for politicians to have a genuine approach to Bitcoin. That they understand digital currency from the perspective of philosophy, economics and technology. However, beyond that, it is worth asking Who would win in the political debate over Bitcoin?
Bukele and Milei are characterized by being populist, charismatic and controversial leaders. Source: YouTube/Urgente Milei.
Bitcoin in the established order in decline
As is usually the case at major Bitcoin conferences, the event organization would select a moderator to ask questions to each participant. So after briefly introducing the panel, the moderator would ask the first question: What is your stance regarding the regulation of bitcoin and other cryptocurrencies and how do you plan to address this issue if elected? Donald Trump would be the first to respond: “If you are in favor of cryptocurrencies, you better vote for Trump,” he would point out with his defiant face and penetrating gaze. Next would promise to stop the hostility sustained by the current Joe Biden government about the industry. And then he would overflow with criticism about what the Democrat does or does not do. Likewise, he would be friendly with Bitcoin mining, moving away from the narrative that digital mining is harmful to the environment, a speech that many around the planet handle, although there are many studies that show the opposite. Next, Trump would talk about non-fungible tokens (NFT) and take the opportunity for those present to buy his collection of digital cards. Then he would close his speech by inviting attendees to withdraw a ticket to participate in a prize draw. Among the rewards that would be offered would be to participate in a virtual meeting with him, a one-hour golf session at his side, and even a dinner with him, showing that he has no arguments to delve into the elements that truly make an asset like bitcoin valuable. For his part, Joe Biden would try to place the executive order he issued in 2022 at the center of the conversation. In it, ordered federal agencies to better coordinate their work in the cryptocurrency sector.
The order did not set out any specific guidance on the position the administration expected agencies to take. He only asked that they evaluate the risks and opportunities that cryptocurrencies represent for the national security of the United States and their impact on the nation's economy. The issuance of the order coincided with a report in which the Bitcoin Policy Institute recommended that US officials assess how durable the current US dollar-based monetary system could be. Furthermore, they argued that Bitcoin represents a strategic national security opportunity for the United States to re-energize its strength economic, counter strategic adversaries and promote American values. However, the Biden administration decided to aim in the wrong place and attacked the Bitcoin industry with attempts to attack privacy in the use and self-custody of bitcoin. Likewise, the SEC, the Department of Justice and the FBI stepped up their lawsuits and demands against figures and companies in the sector. So, for all this, Biden would babble incoherently in front of the bitcoin public present at the conference that would serve as a stage for the debate between politicians. There, at 81 years old, he would cast doubt on his suitability to assume a second term as president of the United States.
The two major party candidates running for president of the United States this year are the oldest in the history of the race for the office. Source: YouTube/CNN.
Bitcoin and freedom for an emerging Latin America
Nayib Bukele would take advantage of his turn in front of the bitcoin audience to accuse the American politicians present for the “economic farce” they are helping to sustain. He would point out that the way the American government is funded is a bubble that will eventually burst. He would explain that the government is funded by bonds issued by the Treasury Department, which are mostly purchased by the Federal Reserve, which in turn prints money to acquire those bonds. He would claim that unlimited money issuance is a real problem in the American economy, as money is created “out of thin air” and backed up with more paper, warning that if the population and the world became aware of this farce, confidence in the dollar would be lost and Western civilization would collapse. He would advance amid thunderous applause from the audience present to finish by pointing out that the only way to escaping the poverty that fiat money is spreading around the world is for countries to adopt bitcoin as legal tender. He would also explain that in this way, nations have the opportunity to facilitate remittances without depending on large payment gateways that charge high commissions. They would promote financial inclusion, attract foreign investment and promote technological innovation. For his part, Milei would defend his decision to drastically cut public spending, deregulate the economy, privatize public companies, close the Central Bank, reduce taxes, end severance pay and, ultimately, erase the foundations of the Argentine economic system of the past. All radical measures that imply a 180-degree turn in the politics and economy of a country in crisis. The total dollarization of the economy, one of the proposals that has caused the greatest interest and controversy inside and outside the country, became the emblem of an economist who presents himself as a “market anarchist” who abhors the devalued Argentine peso. “It cannot be worth even excrement,” he shouted to the four winds, referring to the Argentine currency. Based on his methods, Argentina registered its first week without inflation in 30 years and Milei claims it is redefining economic theory. She adds that «There will be free competition of currencies so if you want to use bitcoin there will be no problems.» She adds: «You can also use other units such as WTI, BTU and whatever is most appropriate for your business.» Anyway, Milei is also redefining the concept of the State, but it has not fully conquered bitcoiners. In any case, he himself assures that he still has a lot to do. But beyond that, he is establishing a new model of governing that, together with that of Nayib Bukele, They put Latin America on the verge of a significant change in politics and the global economy. The liberal political and economic visions of these two Latin American leaders could result in the expansion of models and policies more oriented towards the free market and the reduction of the role of the State in the economy. In political terms, the arrival of leaders such as Milei and Bukele could provoke a change in the status quo of the region, since their positions are usually disruptive and challenge traditional political elites. This could lead to greater debate and polarization in society, as well as changes in the way the region is governed. In terms of the economy, a more liberal model of governance would expand throughout Latin America and the region would definitely have the opportunity to achieve a new position in the established world order.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of BitcoinDynamic. The author's opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.