May 4, 2023 7:02 AM | 2 min read
Javier Milei, a Bitcoin (CRYPTO: BTC) advocate and presidential candidate in Argentina, made a national TV appearance where he smashed a model of Argentina’s Central Bank.
What Happened: Milei appeared on the official TV Channel of the City of Buenos Aires on Tuesday where he was blindfolded and smashed a model of Argentina’s Central Bank into pieces using a stick.
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Why It Matters: Earlier in January, when Milei was asked if he believes it is possible to discuss Bitcoin as a means of payment in Argentina, he said that the core problem that people must first understand is that “the Central Bank is a scam. It is a mechanism by which politicians cheat the good people with the inflationary tax.”
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Last month, Michael Saylor, CEO of MicroStrategy (NASDAQ:MSTR), suggested that Argentina might benefit from buying Bitcoin as a hedge against inflation.
As a matter of fact, due to persistent inflation in Argentina, the BTC-to-Argentine Peso (ARS) exchange rate reached an all-time high last week, at over 6.59 million ARS.
The exchange rate has since corrected to around 6.56 million ARS, which is still up more than 100% year-to-date.
Price Action: At the time of writing, BTC was trading at $29,156, up 2.04% in the last 24 hours, according to Benzinga Pro.
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