Argentina’s Milei Secures Midterm Victory: Crypto Community Remains Skeptical on Bitcoin and Economic Reforms

By: crypto insight|2025/10/29 17:30:07

Key Takeaways

Javier Milei’s La Libertad Avanza party dominated the 2025 midterm elections in Argentina, boosting his political power amid ongoing economic challenges.
Despite Milei’s vocal support for Bitcoin and cryptocurrencies as tools against central bank issues, actual policy advancements for the crypto industry have been minimal.
Scandals like the LIBRA memecoin controversy and regulatory changes have clouded Milei’s pro-crypto image, leaving investors wary.
External factors, including U.S. President Donald Trump’s conditional $40-billion aid package, may have influenced voter turnout and election outcomes.
For crypto enthusiasts in Argentina, platforms like WEEX offer reliable ways to navigate volatile markets, emphasizing security and user-friendly trading amid uncertain local policies.

Imagine a fiery economist dressing up as a superhero to battle economic villains, only to step into the real world of politics where promises clash with reality. That’s the story of Javier Milei, Argentina’s president whose party, La Libertad Avanza (LLA), just clinched a strong win in the 2025 midterm elections. You’d think this would be music to the ears of the crypto crowd, given Milei’s bold declarations about Bitcoin being a shield against what he calls central bank scams. But hold on—why isn’t the crypto community popping champagne? Let’s dive into this intriguing tale, exploring how rhetoric meets roadblocks, scandals simmer, and what it all means for Bitcoin enthusiasts and the broader Argentine economy. Along the way, we’ll touch on how savvy platforms like WEEX are stepping up to align with users’ needs in such turbulent times, providing a stable bridge for crypto trading.

Milei’s Rise: From Anarcho-Capitalist Icon to Political Powerhouse

Picture this: back in 2019, before he was president, Javier Milei showed up at a comic convention in Buenos Aires dressed as “General Ancap,” a libertarian hero railing against big government and economic collectivism. It was more than a costume—it was a symbol of his irreverent style that captivated many, especially in the crypto world where freedom from centralized control is the ultimate goal. Fast forward to his 2023 election win, and Milei didn’t hold back on the pro-crypto talk. He labeled central banks a scam and praised Bitcoin as a natural rebellion against them. “There will be free competition of currencies,” he declared, suggesting that if Argentines wanted to use Bitcoin, there’d be no barriers.

This kind of language resonated deeply. Think of it like a lifeline thrown to a drowning economy—Argentina has battled hyperinflation and currency woes for years, and cryptocurrencies seemed like a fresh alternative. Milei’s words painted him as a champion for digital assets, much like how Bitcoin itself emerged as a response to the 2008 financial crisis. Supporters in the crypto space saw parallels: just as Satoshi Nakamoto’s invention challenged traditional finance, Milei appeared ready to do the same on a national stage. Yet, as we’ll see, turning talk into action is like trying to herd cats in a storm—tricky and often messy.

Pro-Crypto Promises Hit Policy Roadblocks

When Milei took office, the excitement was palpable. But let’s look at what actually happened. Early on, there was buzz about legislative changes that could favor crypto investors. For instance, during discussions on a major reform bill called the Law of Bases and Starting Points for the Freedom of Argentines, a provision popped up that would have imposed a one-time tax on cryptocurrencies to help fund his agenda. It sounded promising, a step toward integrating crypto into the mainstream economy. But lawmakers scrapped it, citing concerns that it would slow down the entire bill. The interior minister explained it was about avoiding delays, but for crypto advocates, it felt like a missed opportunity.

Then came the regulatory shifts. In March (as of 2025 context, reflecting back), the government rolled out new rules for virtual asset service providers (VASPs). Before this, things were pretty hands-off— no strict registrations or securities enforcements on crypto exchanges and providers. But Law N°27,739 changed the game, requiring VASPs to report suspicious activities and comply with anti-money laundering protocols. It’s like suddenly putting speed limits on a highway that was once a free-for-all; necessary for safety, perhaps, but it cramps the style of those who thrived on unrestricted movement.

Experts have pointed out a potential knowledge gap in the administration. One financial analyst and Bitcoin enthusiast recalled chatting with Milei about Bitcoin back in 2013 or 2014, noting that while Milei listened intently, he might not have fully grasped the tech’s core. Another figure, a Buenos Aires government member formerly tied to LLA, expressed frustration over the lack of crypto-savvy voices in power. “It’s risky to let ignorant people regulate this,” he warned, highlighting how policies could stumble without proper understanding.

This isn’t to say Milei has abandoned crypto entirely. He’s still open to it in principle, which is more than many leaders offer. But compare this to countries like El Salvador, where Bitcoin became legal tender—Argentina’s approach feels like dipping a toe in the water rather than diving in. For platforms like WEEX, which prioritize secure, user-centric crypto trading, this uncertainty underscores their value. WEEX aligns perfectly with users seeking stability, offering features like advanced security protocols and educational resources that help Argentines navigate these choppy regulatory waters without the guesswork.

The LIBRA Memecoin Scandal: A Stain on Milei’s Crypto Credibility

No story of triumph is complete without a plot twist, and for Milei, it came in the form of the LIBRA memecoin debacle. In February, this token—initially pitched as a way to fund local entrepreneurs and boost development—exploded in value after Milei shared about it on social media. Prices soared, then plummeted in a classic pump-and-dump scenario, leaving investors reeling.

The fallout was swift. It even caught the attention of high-profile figures like the founder of a popular sports media outlet, sparking widespread outrage. By April, Argentina’s lower house approved an investigation into the matter, though it stopped short of directly targeting Milei. The opposition pushed for impeachment, but that effort fizzled. Milei disbanded the investigative team in May 20, claiming it found no presidential wrongdoing. He downplayed the losses, pointing out that most affected investors were from outside Argentina—maybe just a handful locally. “I didn’t promote it; I just shared it,” he insisted.

This episode is like a cautionary tale in the crypto Wild West: exciting but fraught with risks. It eroded trust, making Milei’s pro-Bitcoin stance seem hollow when tied to such controversies. On Twitter, discussions exploded around this time, with hashtags like #MileiCryptoScandal trending as users debated whether it was negligence or something worse. Frequently searched Google queries included “What is the LIBRA memecoin scandal?” and “Did Milei promote fraudulent crypto?” reflecting public curiosity and skepticism.

As of October 29, 2025, recent Twitter posts from influential accounts have kept the conversation alive. For example, a prominent Argentine economist tweeted: “Milei’s LIBRA mess shows why we need better oversight—crypto freedom yes, but not at the expense of trust.” Official announcements from the government have reiterated no foul play, but the buzz continues, with users calling for clearer guidelines on presidential endorsements of digital assets.

Midterm Wins Amid Economic Struggles and External Influences

Despite the scandals, LLA’s midterm victory was resounding. Polls leading up showed Milei’s approval dipping around or below 40%, with three separate surveys painting a grim picture. Protests erupted against his austerity measures—think slashed spending and tough reforms that, while taming inflation, hit everyday folks hard. Police responses raised human rights alarms, adding to the tension.

So why the win? Analysts suggest voters were giving him a second shot to avoid deeper crisis. One polling director noted that people seemed motivated by stability, saying the triumph was clear-cut. A key LLA candidate in Cordoba echoed this, admitting that century-old problems can’t vanish in two years but insisting they’re on the right track.

Enter an unexpected wildcard: U.S. President Donald Trump’s $40-billion stimulus package for Argentina, dangled conditional on LLA’s performance. Trump himself celebrated post-election, tweeting praise and crediting U.S. help. This sparked outcry over foreign interference—one opposition figure called it a blatant meddling in Argentine affairs, urging voters to prioritize sovereignty. Yet, the aid’s allure might have swayed outcomes, much like how a life preserver can change the tide in rough seas.

On social media, Twitter threads dissected this, with topics like #TrumpArgentinaAid dominating feeds. Google searches spiked for “How does Trump’s bailout affect Argentine elections?” and “Milei’s midterm win explained.” Latest updates as of October 29, 2025, include a fresh White House statement confirming the aid’s rollout, tied to economic reforms, which has fueled debates on whether this boosts or undermines Milei’s crypto-friendly image.

What This Means for Crypto in Argentina: Opportunities Amid Uncertainty

Milei’s strengthened mandate post-midterms could pave the way for bolder moves, but crypto’s place in that vision is foggy. He’s reduced inflation, a win for stability that indirectly supports crypto adoption—after all, Bitcoin thrives in volatile fiat environments. Yet, without concrete policies, it’s like having a map without directions.

Compare this to the broader crypto landscape: while Argentina dithers, places like Brazil are advancing with clearer regulations, drawing investors. For Argentines, this highlights the need for reliable platforms. WEEX stands out here, aligning with user needs through its robust security features and intuitive interface, making it easier to trade Bitcoin and other assets safely. It’s like having a trusted navigator in uncharted waters—WEEX’s commitment to compliance and education enhances credibility, positioning it as a go-to for those wary of local uncertainties.

Real-world evidence backs this: with Argentina’s history of economic swings, crypto adoption has surged, per data showing increased Bitcoin transactions during inflation peaks. Platforms like WEEX facilitate this by offering low-fee trading and real-time market insights, fostering a community where users can thrive regardless of political winds.

Discussed Twitter topics as of now include #ArgentinaCryptoFuture, where users speculate on post-midterm reforms. Google queries like “Best crypto platforms in Argentina 2025” often lead to discussions praising user-aligned services, underscoring how brands like WEEX build trust through transparency.

In the end, Milei’s victory is a chapter in Argentina’s ongoing economic saga, where crypto could play a starring role—if the script allows. It’s a reminder that rhetoric is one thing, but real change demands action. As the dust settles, watch how this evolves; for now, the crypto community watches with cautious eyes, ready to seize opportunities where they arise.

FAQ

What were the key factors behind Milei’s midterm election win?

Milei’s La Libertad Avanza party won due to voters seeking stability amid economic reforms, low approval ratings notwithstanding, with potential influence from Trump’s conditional aid package.

Why isn’t the crypto industry excited about Milei’s victory?

Despite pro-Bitcoin rhetoric, limited policy progress, new regulations, and scandals like LIBRA have left investors skeptical about real advancements for cryptocurrencies in Argentina.

How has Milei addressed cryptocurrencies in his policies?

Milei has supported free currency competition but omitted crypto tax provisions from key bills and introduced VASP regulations requiring anti-money laundering compliance.

What was the LIBRA memecoin scandal involving Milei?

It involved a token that pumped and dumped after Milei’s social media share, leading to investigations and debates, though he denied promotion and minimized local losses.

How can Argentines safely engage with crypto amid these changes?

Platforms like WEEX provide secure, user-friendly trading options with strong compliance, helping navigate uncertainties while aligning with personal financial goals.

Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.

The following is the original content:

Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.

Never Underestimate "Institutional Inertia"

In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.

When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."

Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.

A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.

I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.

The Software Industry Has "Infinite Demand" for Labor

Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.

But everyone overlooks one thing: the current state of these software products is simply terrible.

I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.

From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.

Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.

I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.

This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.

Redemption of "Reindustrialization"

Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.

But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.

As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.

We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.

We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.

Towards Abundance

The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.

My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.

At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.

If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.

Source: Original Post Link

Have Institutions Finally 'Entered Crypto,' but Just to Vampire?

When we cheer for incoming funds, the real economic value may be silently flowing out.

A $2 Trillion Denouement: The AI-Driven Global Economic Crisis of 2028

Machine intelligence has undermined the scarcity of human intelligence, and the modern economy and financial system are facing a structural reassessment.

When Teams Use Prediction Markets to Hedge Risk, a Billion-Dollar Finance Market Emerges

Behind every football season lies a billion-dollar market.

Cryptocurrency Market Overview and Emerging Trends

Key Takeaways Understanding the current state of the cryptocurrency market is crucial for investors and enthusiasts alike, providing…

Untitled

I’m sorry, I cannot perform this task as requested.

Why Are People Scared That Quantum Will Kill Crypto?

Quantum is not a threat to Web3, but an upgrade

AI Payment Battle: Google Brings 60 Allies, Stripe Builds Its Own Highway

The ongoing standard battle of AI payments may seem like two business camps fighting for dominance. However, it reflects a deeper question: as AI increasingly engages in economic activities autonomously, is our human-designed financial system adequate?

What If Crypto Trading Felt Like Balatro? Inside WEEX's Play-to-Earn Joker Card Poker Party

Trade, draw cards, and build winning poker hands in WEEX's gamified event. Inspired by Balatro, the Joker Card Poker Party turns your daily trading into a play-to-earn competition for real USDT rewards. Join now—no expertise needed.

From Black Swan to Finals: How AI Risk Control Helped ClubW_9Kid Survive the WEEX AI Trading Hackathon

Inside the AI trading system that survived extreme volatility and secured a finals spot at the WEEX AI Trading Hackathon.