Samson Mow, the Bitcoin advisor to El Salvador’s President Nayib Bukele and the architect behind the Vulcano Bonds, has unveiled his strategic blueprint for newly elected Argentinian President Javier Milei. The Austrian economist will be inaugurated as Argentina’s next president on December 10.
Much has been said about his agenda, especially the abolishment of the country’s central bank and the dollarization of the country, but his Bitcoin policies are unclear yet. But in a new interview with Argentinian news outlet iProUp, Mow disclosed his connections and plans to integrate BTC into Argentina’s economic framework.
Will Argentina Adopt Bitcoin? Milei-Mow Summit In Q1
As the CEO of JAN3, Mow emphasized the need for a customized approach to Argentina’s unique economic challenges. “The first step will be exploratory, as there are no universal solutions,” Mow said in his chat with iProUp. He underscored the importance of adapting initiatives to each country’s specific situation, including its culture and institutions.
According to him, Argentina’s economic stabilization is priority number one. Mow’s strategy involves a preliminary exploration of Argentina’s economic conditions, with a particular focus on stabilizing inflation and transitioning towards dollarization before Bitcoin adoption. “Javier Milei’s order of priorities should be to stop the bleeding, stabilizing inflation, while moving towards dollarization and the ultimate goal of shutting down the Central Bank,” Mow revealed to iProUp.
He sees these steps as critical precursors to incorporating BTC into Argentina’s national strategy. “Once they address those fundamental issues, we can work on building on them, which includes how to integrate Bitcoin into their national strategy,” Mow added.
Mow championed Bitcoin as a long-term solution to inflation, contrasting it with the inflationary nature of fiat currencies. “In the long term, Bitcoin solves the inflation problem that Argentina or any other country faces,” he stated. Mow believes that a stable inflation rate, akin to the dollar’s, is necessary before embracing Bitcoin. “First you have to stop the bleeding, once that is solved, you can think about taking the vitamins,” he further explained.
Remarkably, there will be a meeting between the Argentinian President Milei and Mow in the first quarter of next year, whereas contact has already existed for a year. We have long identified Milei as a proponent of freedom and potential driver of Bitcoin. We have been in talks with his people for over a year now. We are planning a visit for the first quarter of 2024,” revealed Mow.
He also expressed relief at the shelving of a central bank digital currency (CBDC) for Argentina, a concept previously promoted by former Economy Minister Sergio Massa. “They are a failed proposal from the beginning, and we are glad that Milei sees them for what they are,” Mow argued, advocating for economic freedom, a principle he feels Milei understands well.
“Fortunately, Milei is an economist by training and has knowledge of the Austrian School, so he understands its appeal and the trap they ultimately entail. He is an advocate of freedom and CBDCs are the antithesis of that,” Mow remarked.
BTC In Milei’s Argentina: An Emerging Vision
While Milei’s official position on Bitcoin adoption remains to be clarified, signals indicate a favorable outlook. “Everything indicates that Bitcoin will be part, in some way, of the next libertarian government,” iProUp stated, referencing Diana Mondino’s, the future chancellor’s, statements about using digital currency in contracts.
In another interview with Forbes Centroamérica, Mow emphasized Bitcoin’s critical role in Argentina’s economic reform. He argued for the elimination of the Central Bank and the significant impact of Bitcoin adoption, drawing parallels with El Salvador’s strategy.
“Argentina is a country that has to move to the use of bitcoin due to its different problems,” Mow states, adding, “but the effective adoption of bitcoin would be much more powerful than in El Salvador, since its economy is 20 times bigger.”
At press time, BTC traded at $41,705.
BTC price, 1-week chart | Source: BTCUSD on TradingView.com
Featured image from LinkedIn / YouTube, chart from TradingView.com
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Author: Jake Simmons