Elon Musk predicts prosperity for Argentina with new pro-Bitcoin president

After Bitcoin (BTC) friendly president-elect Javier Milei won the ballot in Argentina, Tesla (NASDAQ: TSLA) CEO Elon Musk praised his victory as the beginning of a period of prosperity for the Latin American nation that has been suffering massive inflation and currency volatility.

Specifically, after Milei, the self-described anarcho-capitalist who supports Bitcoin, won over 55% of the votes in the run-off presidential election, Musk commented on the post by X profile End Wokeness, stating that “prosperity is ahead for Argentina,” in a remark the entrepreneur made on November 20.

Prosperity is ahead for Argentina

— Elon Musk (@elonmusk) November 19, 2023

Milei’s pro-Bitcoin stance

Indeed, the new Argentinian president has been very vocal about his positive views regarding the flagship decentralized finance (DeFi) asset, which he believes ushered “the return of money to its original creator, the private sector,” although he has not yet indicated specific plans to make it legal tender.

Earlier this year, while discussing Bitcoin, Milei expressed a very negative opinion of central banks, calling them scams and urging for the removal of the Argentinian central bank and dollarizing the economy that reached an inflation of 142% in October.

“With legal tender, they scam you with the inflationary tax… #Bitcoin is the natural reaction against central bank scammers; to make money private again.” – Javier Milei, President of Argentina 🇦🇷🇦🇷pic.twitter.com/Rs2yXFo4e7

— Dylan LeClair 🟠 (@DylanLeClair_) November 19, 2023

Meanwhile, Musk’s enthusiasm regarding the crypto sector is a known fact, as the SpaceX founder has promoted cryptocurrencies, including Dogecoin (DOGE) and Bitcoin, preferring them over traditional fiat currencies and supporting the notion that by 2030 traditional currencies might become digitalized through GPUs.

Elsewhere, following the news of Milei’s win, the maiden crypto asset briefly spiked above the $37,500 level and is currently changing hands at the price of $37,408, an increase of 2.61% in the last 24 hours, as well as a 1.13% gain across the previous seven days, and an advance of 25.52% in the last month.

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