Samson Mow, Bitcoin advisor to Salvadoran President Nayib Bukele and the architect behind the Vulcano bond, has unveiled his strategic blueprint for newly elected Argentine President Javier Milei. The Austrian economist will take office as Argentina’s next president on December 10.
Much has been said about his agenda, specifically the abolition of the country’s central bank and dollarization of the country, but his Bitcoin policy is less clear. But in a new interview with Argentinian news outlet iProUp, Mow revealed his connections and plans to integrate BTC into Argentina’s economic framework.
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As CEO of JAN3, Mr. Miao emphasized the need for a customized approach to address Argentina’s unique economic challenges. “The first step will be exploratory because there is no one-size-fits-all solution,” Mow said in a chat with iProUp. He stressed the importance of adapting initiatives to the specific circumstances of each country, including its culture and institutions.
He said that Argentina’s economic stability is the top priority. Mr. Miao’s strategy involves an initial exploration of Argentina’s economic conditions, with a particular focus on stabilizing inflation and transitioning to dollarization before adopting Bitcoin. “Javier Mire’s priority should be to stop the bleeding and stabilize inflation while moving towards the ultimate goal of dollarization and closing the central bank,” Miao told iProUp.
He sees these steps as important precursors to integrating Bitcoin into Argentina’s national strategy. “Once they address these basic issues, we can build on them, including how to integrate Bitcoin into their national strategy,” Miao added.
Mr. Miao sees Bitcoin as a long-term solution to inflation and contrasts it with the inflationary nature of fiat currencies. “In the long run, Bitcoin solves the inflation problem that Argentina or any other country faces,” he said. Miao believes that a stable inflation rate similar to the U.S. dollar is necessary before Bitcoin will be accepted. “First you have to stop the bleeding, and once that’s resolved, you can consider taking vitamins,” he further explained.
It is worth noting that Argentine President Milley and Mao Zedong will meet in the first quarter of next year, and the two sides have been in contact for a year. We have long viewed Milei as a supporter of freedom and a potential promoter of Bitcoin. We’ve been negotiating with his people for over a year. We plan to visit in the first quarter of 2024. ” Mao revealed.
He also expressed relief that Argentina has shelved a central bank digital currency (CBDC), a concept previously proposed by former Economy Minister Sergio Massa. “They were a failed proposition from the start and we’re glad Milei saw them for what they were,” said Mow, who advocates for economic freedom, a principle he believes Milei understands well.
“Fortunately, Millais is an economist by training and understands the Austrian school, so he understands its appeal and the pitfalls they ultimately bring. He is an advocate of freedom, and CBDC is the antithesis of freedom .” Mow said.
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While Milei’s official stance on Bitcoin adoption remains to be clarified, signals point to a promising future. “Everything points to Bitcoin being part of the next liberal government in some way,” iProUp said, citing future finance minister Diana Mondino’s statement on the use of digital currencies in contracts .
In a separate interview with Forbes Central America, Mr. Miao emphasized Bitcoin’s key role in Argentina’s economic reform. He advocates removing central banks and the significant impact of Bitcoin adoption, a strategy similar to El Salvador’s.
“Argentina is a country that has to move to Bitcoin because of different problems, but the effective adoption of Bitcoin will be much stronger than in El Salvador because its economy is 20 times the size of El Salvador,” Mow said.
At press time, BTC was trading at $41,705.
Featured image via LinkedIn/YouTube, chart via TradingView.com