Javier Milei Presidency in Argentina with Controversial Reforms

President-elect of Argentina, Javier Milei, steps onto the political stage with an ambitious reform agenda, including the dissolution of the Central Bank of Argentina. Known for his pro-bitcoin stance, Milei aims to undertake radical measures to combat the persistent inflation and economic crisis plaguing the nation.

Milei’s Revolutionary Policy Directions

At the forefront of Milei’s plan is the elimination of the Central Bank, signaling a fundamental shift in national economic management. An official press release published on portal X announced that all future government decisions will be exclusively communicated through social media, a method employed by Nayib Bukele, the pro-bitcoin president of El Salvador.

Bitcoin and Dollarization in Economic Plans

Milei does not hide his support for bitcoin, sparking speculations about the potential recognition of cryptocurrency as an official payment method, akin to actions taken by the government of El Salvador. However, there are no specific announcements in this regard yet. Milei also plans to dollarize the economy, which could be a response to the ongoing devaluation of the local currency and the increasing adoption of bitcoin in the country.

Milei: Visionary or Madman?

Milei’s controversial ideas, including the liberalization of organ trade and his eccentric behavior, have elicited mixed responses. His critics, including leftist Polish journalists, compare him to Janusz Korwin-Mikke, labeling him a populist. Yet, for many Argentinians, tired of years of poverty and high inflation, Milei’s approach might be seen as a desperate chance for change in a country struggling with deep economic issues.

In the past two weeks, nearly 25,000 BTC, valued at over a billion dollars, have vanished from cryptocurrency exchanges! This reduced supply might quickly boost Bitcoin’s value.

BTC on Exchanges – A Declining Presence

The Bitcoin price action has been somewhat dull lately – briefly touching over $38,000, it’s currently hovering around $37,400. However, looking at it from another angle reveals something interesting. Glassnode analysts noticed that these 25,000 BTC have disappeared from the exchanges. It seems people are buying Bitcoins and keeping them off the exchanges, possibly in anticipation of a value increase. This trend might also stem from a lack of trust in exchanges, possibly due to legal issues faced by companies like Binance.

Strong Market Fundamentals

Despite these factors, the market’s fundamentals appear quite robust. The SEC is reviewing several applications for Bitcoin ETFs. If approved, these could usher in new investments, potentially amounting to $70 billion! Moreover, there are also applications for Ethereum ETFs.

Bitcoin’s Price Forecast

Since mid-October, Bitcoin has broken through several key price resistances. The next significant level is $38,000, which has already been briefly surpassed. It seems the path to $40,000 is almost open. What do you think the future holds for Bitcoin’s trajectory?

Changpeng Zhao, the founder and until now the CEO of Binance, one of the world’s largest cryptocurrency exchanges, has just announced his departure from the role.

The SEC has filed charges against Kraken in court.