Would you rather Milei:
Kills the BCRA (arg’s central bank)
Or that he mandates it to back the peso with Bitcoin?
Discussion
Down with the central bank.
Would certainly be an interesting experiment to have a Bitcoin backed currency. But it will never happen.
Does he like Bitcoin? Has he talked about Bitcoin?
I don’t know; bitcoiners seem to think so; afaik he just said he would just allow people to use whatever currency people want and that anything would be legal
He did mint some NFTs a couple of years ago that flopped and he had to buy himself
Milei will not have to kill the central bank... the blue dollar : ARS will be a bloodbath tomorrow. 2000:1 is my guess. The FX market will kill the BCRA for him.
Back the peso with some bitcoin
2. But he was elected on 1.
1. Fires educatwd and entitled agitators into the wild. 2. Keeps them employed by going around the office asking "What the hell is Bitcoin ?"
The problem with not having a central bank is how do you handle foreign trade these days? Some institution has to have FX reserves to import goods. I think their largest trading partner is China so they need Yuan.
Let the company that's worried about importing stuff worry about that. The government doesn't and really shouldn't know or care.
Kill the bank, then dollarize, then declare BTC legal tender.
Why dollarize? Because he said he would and I want to see at least one politician keep their promises.
Legal tender laws are dumb. Eliminate the central bank, shrink govt, let free market decide the best money
🤝🤝🤝
Lot of game theory involved. If you kill the central bank do you lose the ability to use the peso to buy bitcoin for the country? If so I would keep the CB to use the peso to accumulate bitcoin... perhaps increasing demand for peso at the same time as devaluing it to buy bitcoin..