In a recent interview, Javier Gerardo Milei, who is a candidate for the presidency of Argentina in 2023, shared his thoughts on Bitcoin.
Milei is “an Argentine politician, businessman and economist currently serving as a federal deputy of Buenos Aires.” Milei is “supportive of the Austrian School of economic thought and considers himself to be a ‘short-term minarchist‘, although ‘philosophically an anarcho-capitalist‘.”
When asked during this interview if Bitcoin could be a monetary alternative in Argentina, Milei replied:
“The first thing we have to understand is that the central bank is a scam. It is a mechanism by which politicians cheat the good people with the inflationary tax. What Bitcoin is representing is a return of money to its original creator: the private sector. Money is a private invention in order to be used to solve problems, for example in a bartering economy, ‘the double coincidence’ of wants and indivisibility. Then paper money appears to solve portability…
“And that was evolving and the currencies the people chose were silver for small transactions and gold for the bigger ones. Then because back then it was very difficult to move the gold, people used to deposit the gold and get in exchange a receipt. And then in the year 1445, in the first Genovese Congress, the States appropriated the exclusivity to issue money… That’s legal tender, which is a key point because legal tender allows politicians to scam you with inflationary tax.
“Bitcoin has an algorithm that will one day reach a certain amount and there is no more, and it can compete with other currencies, in fact it competes with Ethereum and others… And what is the good thing? It’s the return of private money, but what is the problem? The problem is that governments will not give up legal tender because with legal tender they can scam you with the inflationary tax.
“Bitcoin is the natural reaction to the scam of central banks and money returning to the private sector. And the flip side is that the thieving politicians are not going to allow you to go against legal tender. In economies with high inflation, the scam problem is bigger. That’s why, as I suggest, you can propose to close the central bank.”
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