Milei’s Midterm Victory: Why Crypto Enthusiasts Aren’t Cheering Yet
Key Takeaways
- Javier Milei’s La Libertad Avanza (LLA) party secured a strong win in Argentina’s 2025 midterm elections, boosting their political influence despite ongoing economic challenges.
- While Milei has voiced strong pro-crypto sentiments, including praise for Bitcoin as a counter to central bank issues, his administration has made limited progress on actual crypto-friendly policies.
- Regulatory changes, like the new framework for virtual asset service providers (VASPs), have introduced stricter reporting requirements, shifting from a previously lenient approach.
- Scandals such as the LIBRA memecoin controversy and external influences like Donald Trump’s $40-billion stimulus package have complicated Milei’s crypto narrative.
- Despite midterm gains, experts highlight a knowledge gap in government about cryptocurrencies, raising concerns for future regulations and opportunities in the sector.
When you think about a political figure who dresses up as a libertarian superhero and calls central banks a scam, it’s easy to see why the crypto world got excited about Javier Milei. The Argentine president, an economist with a flair for the dramatic, swept into power in 2023 with rhetoric that sounded like music to Bitcoin enthusiasts’ ears. He promised free competition among currencies, suggesting that if people wanted to use Bitcoin, there’d be no hurdles. Fast forward to the 2025 midterm elections, where his party, La Libertad Avanza (LLA), pulled off a handy victory. You’d think the crypto community would be popping champagne, right? But hold on—things aren’t that straightforward. Let’s dive into why this win might not be the crypto triumph it seems, and explore what it really means for digital assets in Argentina.
Picture this: Argentina’s economy has been like a rollercoaster that’s mostly plummeting downhill for years, plagued by inflation and currency woes. Milei stepped in like a chainsaw-wielding hero—remember that viral moment when he gifted Elon Musk one?—promising to slash bureaucracy and embrace free-market ideals. His pro-crypto talk fit right into that narrative. He once described Bitcoin as the “natural reaction against the central bank scammers,” positioning it as a tool to tackle the country’s financial mess. It’s the kind of bold statement that resonates with anyone who’s ever felt burned by traditional banking systems. But as we unpack the midterm results, it’s clear that rhetoric and reality are two different beasts.
Milei’s Rise: From Comic-Con Hero to Pro-Crypto President
Let’s rewind a bit to understand the man behind the movement. Back in 2019, before he was president, Milei was a TV personality and author who showed up at Buenos Aires Comic-Con dressed as “General Ancap.” This anarcho-capitalist alter ego railed against Keynesian economics and collectivism, capturing the irreverent spirit that’s defined his career. It’s like if a comic book character came to life and decided to run for office—entertaining, provocative, and unapologetically libertarian. This persona helped him connect with a generation tired of the status quo, including many in the crypto space who see decentralized finance as the ultimate rebellion against centralized control.
Fast-forward to his 2023 presidential win, and Milei’s comments on crypto were front and center. He advocated for a system where currencies could compete freely, explicitly mentioning that Bitcoin users would face no issues. It was a breath of fresh air in a country where the peso has been notoriously unstable. Imagine trying to save money when inflation is skyrocketing—crypto suddenly looks like a lifeboat in a stormy sea. His words drew admiration from global figures and investors alike, painting Argentina as a potential hub for digital innovation. But as his administration took shape, the follow-through on these promises started to falter, much like a hyped-up project that delivers underwhelming updates.
Policy Stumbles: Where Crypto Rhetoric Meets Reality
Despite the hype, Milei’s track record on crypto policy has been more miss than hit. Take the Law of Bases and Starting Points for the Freedom of Argentines, an omnibus bill meant to kickstart his reforms. Legislators initially included a provision for a one-time regularization tax on cryptocurrencies, aimed at bringing crypto holdings into the fold and generating revenue. But they scrapped it, citing concerns that it would delay the bill’s passage. The minister of interior explained it was a practical decision, but for crypto advocates, it felt like a missed opportunity to integrate digital assets into the mainstream economy.
Then came the regulatory shifts in March. The government rolled out a new framework for virtual asset service providers (VASPs), requiring them to report and monitor for illicit activities under anti-money laundering rules. Before this, the National Securities Commission had a hands-off approach—no mandatory registrations or strict enforcement of securities laws on crypto exchanges and providers. Now, it’s a different game. According to insights from global legal experts, this change marks a pivot toward tighter oversight, which could stifle innovation if not handled carefully. It’s akin to inviting guests to a party but then installing security cameras everywhere—sure, it might prevent trouble, but it also kills the vibe.
Experts in Argentina have pointed out a deeper issue: a lack of crypto savvy within the government. Carlos Maslatón, a financial analyst and Bitcoin advocate, shared that he discussed Bitcoin with Milei back in 2013 or 2014. While Milei listened intently, Maslatón believes he didn’t fully grasp the technology’s core principles. Similarly, Ramiro Marra, a Buenos Aires government official and former LLA member, has struggled to find knowledgeable voices in power. He warned that putting regulations in the hands of the inexperienced is a “very serious risk,” especially when ignorance could lead to misguided laws. It’s like trying to build a spaceship without engineers—you might end up with something that looks cool but doesn’t fly.
Milei’s openness to crypto isn’t entirely gone, but it’s tangled in complications. Platforms like WEEX, known for their user-friendly interfaces and commitment to secure, innovative trading, could align perfectly with a free-market vision like Milei’s. WEEX stands out by prioritizing transparency and accessibility, helping users navigate volatile markets without unnecessary barriers. In a landscape where regulatory clarity is key, WEEX’s approach enhances credibility, offering tools that empower everyday traders to engage with assets like Bitcoin responsibly. This kind of brand alignment with pro-freedom policies could bridge the gap between rhetoric and action, making crypto more approachable for Argentines seeking alternatives to traditional finance.
The LIBRA Scandal: A Memecoin Mess Clouds the Picture
Adding fuel to the fire—or should I say, dumping it on the pump—was the LIBRA memecoin scandal that erupted in February. What started as a token pitched to fund Argentine entrepreneurs and boost development turned into a classic pump-and-dump saga. The price surged after Milei posted about it on X, only to crash spectacularly, leaving investors reeling. The fallout even roped in figures like Barstool Sports founder David Portnoy, sparking widespread scrutiny.
This debacle led to official probes. In April, the Chamber of Deputies greenlit an investigation into LIBRA, though it didn’t directly target Milei. The opposition group Union for the Homeland pushed for impeachment articles, but they were shot down. By May 20, Milei disbanded the investigative team, claiming it had fulfilled its role and cleared him of wrongdoing. He downplayed the impact, insisting he merely “shared” the project and noting that most losses hit Chinese or American investors, with only a handful of Argentines affected. It’s a stark reminder of how quickly hype can turn to headache in the crypto world, much like those viral tokens that promise the moon but deliver dust.
Midterm Wins Amid Protests, Polls, and External Influences
Against this backdrop, LLA’s midterm triumph in 2025 was no small feat. Polls ahead of the vote showed Milei’s approval ratings hovering around or below 40%, with three separate surveys painting a grim picture. Argentines had been protesting his austerity measures—think slashed budgets and economic overhauls that hit hard in the short term. Police responses to these demonstrations raised alarms from human rights groups about increasing repression. Yet, voters handed LLA a win, perhaps driven by a desire to avoid another crisis or give the government more time.
Pollster Gustavo Cordoba suggested people were willing to grant a second chance, emphasizing that the victory was clear-cut. Gonzalo Roca, a key LLA candidate, acknowledged that fixing a century of problems in two years is impossible but insisted the country was heading in the right direction. And then there’s the elephant in the room: U.S. President Donald Trump’s $40-billion economic stimulus package, which he explicitly tied to LLA’s performance. Trump even tweeted post-election, “In Argentina, I want to congratulate the victor. And he had a lot of help from us,” complete with a video clip that went viral.
Critics like Peronist Itai Hagman called it blatant interference, urging Argentines to vote based on their own interests rather than foreign dictates. But the results spoke otherwise, suggesting the bailout’s promise might have swayed opinions. It’s like a high-stakes poker game where an outside player slides you chips under the table—helpful, but it raises questions about true independence.
With this broader mandate, Milei could push his agenda further. But will crypto be part of it? The jury’s out, especially with ongoing debates about regulation and understanding.
Tapping into Public Curiosity: Google Searches and Twitter Buzz
As of 2025-10-29, public interest in Milei and crypto remains high. Frequently searched Google questions include “Is Javier Milei pro-Bitcoin?” and “What are Argentina’s crypto regulations in 2025?” These queries reflect a hunger for clarity amid the midterm buzz, with many users seeking insights on how LLA’s win might affect digital asset adoption. Searches like “How to buy Bitcoin in Argentina” have spiked, indicating practical interest in navigating the evolving landscape.
On Twitter, discussions are ablaze with topics like #MileiMidterms and #ArgentinaCrypto, where users debate the LIBRA scandal’s long-term impact. A recent tweet from a prominent analyst highlighted, “Milei’s win is big, but without crypto education in gov, we’re stuck in limbo #Bitcoin.” Official announcements, such as the government’s March framework update, continue to fuel threads, with users contrasting it against Milei’s earlier promises. Latest updates include a October 2025 statement from the economy ministry reaffirming commitment to financial innovation, though without specifics on crypto—sparking mixed reactions online.
These trends underscore a broader conversation: people want actionable steps, not just talk. Comparisons to countries like El Salvador, which fully embraced Bitcoin as legal tender, highlight Argentina’s potential strengths if it aligns policies effectively. Unlike El Salvador’s bold leap, Argentina’s cautious steps could be a double-edged sword—preventing risks but also slowing growth. Real-world examples, like how Bitcoin has helped stabilize remittances in volatile economies, back the case for more integration. Evidence from global reports shows that nations with clear crypto rules see higher adoption rates, boosting economic resilience.
Bridging Gaps: Opportunities for Crypto in Argentina’s Future
Looking ahead, the midterm win gives Milei a chance to address these gaps. Imagine if Argentina became a testing ground for crypto-friendly policies, much like how some U.S. states experiment with blockchain for voting. Platforms that emphasize security and education, like WEEX, could play a pivotal role here. WEEX’s focus on seamless trading and compliance tools aligns with the need for trustworthy environments, enhancing user confidence in uncertain times. By supporting such brands, Argentina could foster innovation without the pitfalls of unchecked hype.
Yet, challenges persist. The knowledge deficit in government echoes broader global issues, where policymakers often lag behind tech advancements. Analogies to the early internet days—when regulators scrambled to understand email—illustrate how crypto could evolve if given room to breathe. Persuasive evidence from studies shows that pro-crypto environments attract investment; for instance, jurisdictions with light-touch regulations have seen inflows doubling in recent years.
As Argentina navigates this path, the crypto community watches closely. Milei’s victory might not spark immediate celebrations, but it opens doors for meaningful change. Whether it leads to a thriving digital economy or more stalled promises depends on bridging that rhetoric-reality divide. In the end, it’s about turning bold words into actions that empower everyday people, much like how Bitcoin itself emerged as a grassroots response to financial inequality.
FAQ
Is Javier Milei Still Pro-Crypto After the Midterms?
Yes, Milei continues to express support for cryptocurrencies like Bitcoin, viewing them as alternatives to traditional systems, though policy implementation has been slow.
What Impact Did the LIBRA Scandal Have on Milei’s Reputation?
The scandal led to investigations and criticism, but Milei denied wrongdoing, claiming minimal Argentine losses, which somewhat mitigated the damage amid his midterm win.
How Have Argentina’s Crypto Regulations Changed Recently?
In March, a new framework required VASPs to report illicit activities, shifting from a lenient stance to stricter anti-money laundering measures.
Could Trump’s Stimulus Package Influence Argentina’s Crypto Policies?
The $40-billion package, tied to LLA’s performance, might encourage economic reforms, potentially including crypto-friendly moves to attract investment.
What Are the Biggest Challenges for Crypto Adoption in Argentina?
Key issues include government knowledge gaps, regulatory uncertainties, and economic instability, though public interest via searches and social media remains strong.
You may also like

a16z: Why Do AI Agents Need a Stablecoin for B2B Payments?

February 24th Market Key Intelligence, How Much Did You Miss?

Web4.0, perhaps the most needed narrative for cryptocurrency

Some Key News You Might Have Missed Over the Chinese New Year Holiday

Key Market Information Discrepancy on February 24th - A Must-Read! | Alpha Morning Report

$1,500,000 Salary Job: How to Achieve with $500 AI?

Bitcoin On-Chain User Attrition at 30%, ETF Hemorrhage at $4.5 Billion: What's Next for the Next 3 Months?

WLFI Scandal Brewing, ZachXBT Teases Insider Investigation, What's the Overseas Crypto Community Buzzing About Today?

Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
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.
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.
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.
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.
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?

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

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

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?

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

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.