Cardano Founder Praises Argentina’s New Pro-Bitcoin President: Here’s Why

TL; DR

Javier Mille, an “anarcho-capitalist” and proponent of cryptocurrency, won Argentina's presidential election with 56 percent of the vote and vowed to dismantle the central bank. Cardano founder Charles Hoskinson hailed Miley's victory, seeing it as an opportunity for Argentina to lead the way in blockchain technology adoption. Argentinians are turning to digital currencies, especially US dollar-pegged stablecoins, at a time of high inflation of more than 140%.

‘Crypto is the answer'

Argentina's presidential election earlier this month was one of the most talked about news stories around the world, given the South American country's economic turmoil and controversial candidates. Ironically, the country's new political leader will be the self-proclaimed “anarcho-capitalist” Javier Millay; Collected 56% vote.

Aside from his environmentalist views and unique political views, he is also known for being a supporter of the cryptocurrency industry, particularly Bitcoin. Dubbed the “Trump of Argentina,” Mille has vowed to shut down the country's central bank, which has fueled hyperinflation in the region.

One of Cardano's co-founders – Charles Hoskinson – was congratulated for his election victory.

“Someone who says the government is not the solution to the problem. And the government creates the problems: I like that guy. And you know what the crypto answer is: we need to get it fully on board with the blockchain industry. he said..

He went on to say that Mille's appointment as Argentina's new president would give the country a unique opportunity to “lead the world.”

Argentina's love for Crypto

Some residents of Argentina have It has been seen. High demand for digital currencies, especially stablecoins, is linked to the US dollar due to the devaluation of the national currency. The reason behind their movement could be the unsatisfactory state of the local economy and high inflation.

Argentina's annual inflation rate hit At over 140% in October, the country remains one of the most struggling countries in the world in terms of financial stability.