If you have more than 0.07 BTC in your digital wallet… Congratulations! You’re a bitcoin millionaire.

The only catch is you’d be a bitcoin millionaire in Argentina.

In fact, at last check, one bitcoin is now worth 13.2 million Argentine pesos.

Right now, the price of bitcoin is at all-time highs in Argentina compared to the Argentine peso. That’s because hyperinflation has led Argentina into a pit of economic despair.

Such despair that the country has elected the most controversial president anywhere… And yes, that includes former U.S. President Donald Trump.

The new president has a pro-bitcoin agenda. That bolsters our view that bitcoin is becoming a global reserve currency. (More on that in a moment.)

Now, I’m as anxious as you are to see bitcoin hit $1 million in U.S. dollars. (We’ll eventually get there. Patience, my friends.)

And Argentina shows us the way…

Bukele 2.0

There’s been a groundswell of support for bitcoin in Argentina because it’s the most powerful weapon Argentinians have against inflation.

Last week, Argentinians elected Javier Milei largely on his promise to revive the country’s chronically ailing economy.

In fact, some believe Milei may implement bitcoin as a reserve currency in Argentina… just like El Salvador President Nayib Bukele has done in his country.

As you may recall, Bukele’s bet on bitcoin was met by skepticism from the traditional financial press.

Back then, Foreign Policy ran a headline saying, “Bitcoin Failed in El Salvador. The President Says the Answer is More Bitcoin.”

Around the same time, the Australian Financial Review said, “El Salvador’s ‘bitcoin bonds’ plan falls flat with fund managers.”

Credit rating agency Fitch even lowered El Salvador’s credit rating from B- to CCC because of uncertainty around its bitcoin adoption. It also predicted a default on its bitcoin bonds.

But much to their chagrin (and the delight of Salvadorans), that bet is paying off.

Not only did El Salvador repay the $800 million bond in January… Its bonds have since rallied over 70% in 2023 and are among the best performing in the world.

Right now, El Salvador has an estimated 2,744 BTC ($101.5 million) at a cost basis of around $41,800. So it’s down about 13% on its bitcoin reserves.

However, bitcoin is in a new bull cycle. If it’s anything like past crypto bull markets, we not only expect BTC to eclipse its previous high of $70,000 – but blow past it.

If Milei ends up buying bitcoin for Argentina’s treasury, it might not be long before El Salvador makes a profit.

According to an article in Forbes, the president-elect sees bitcoin as a key to reviving the economy, advocating for monetary control to return to the private sector.

In fact, he’s so intent on tearing down the establishment, he often campaigned with a chainsaw in hand.

CNN called him a “far-right outsider.” France24 described him as an “anarcho-capitalist.” The New York Times called it Argentina’s “Trump moment.”

It’s clear the establishment isn’t a fan of Milei. It’s also clear there’s a groundswell of support for anti-establishment leaders like Milei.

One reason we believe this is happening is his pro-bitcoin agenda.

I know this may sound crazy. But just hear me out…

Milei’s opponent Sergio Massa, the current Minister of Economy, proposed launching a central bank digital currency to combat Argentina’s inflation crisis.

Milei’s plan is a radical departure from traditionalists like Massa. He has vowed to shut down the central bank… replace the Argentine peso with the U.S. dollar… and embrace decentralized finance (i.e., bitcoin).

Some call his approach “economic shock therapy.” We believe it’ll be a shock to the price of bitcoin.

As Daily editor Teeka Tiwari noted:

BTC rallied 3% on the news of his election. I could see him adding bitcoin to Argentina’s treasury and making it easier for the average Argentinian to save in bitcoin.

If you’ve been a longtime follower of Teeka, you know he believes bitcoin will eventually become a “base layer” of the global financial system.

That means bitcoin would act similarly to the way central banks use the U.S. dollar and gold as reserves.

Here’s Teeka again:

As you know, I’ve long believed bitcoin will ultimately form the financial base layer of the financial establishment of the future. Right now, that role is filled by U.S. Treasury Bonds.

Bitcoin as the new financial base layer will happen gradually at first, then all at once… in much the same way that transformative technology is slow to be adopted and then suddenly everyone everywhere is using it.

Milei has an opportunity to radically improve Argentina’s fiscal health by parking a percentage of his country’s wealth in bitcoin. It remains to be seen if he has the political will… and more importantly, the political capital to make that happen.

A libertarian, anarchist, capitalist, central-bank-hating, bitcoin-loving, chainsaw-wielding president in charge of South America’s second largest economy is certainly something new.

It sure stacks up as good news for bitcoin.

But while we view his adoption of bitcoin as a positive, Milei is making a fundamental mistake by relying so much on the U.S. dollar.

Milei’s Big Mistake

Despite his pro-bitcoin agenda, Milei wants to make the U.S. dollar the reserve currency of Argentina.

And that, my friends, is truly a fatal mistake.

This is the dollarization of Argentina. And it flies in the face of the trend of de-dollarization we’re seeing among other countries.

De-dollarization is the world reducing its reliance on the U.S. dollar as a reserve currency. It would signal the decline of America’s position as a global financial superpower.

(It’s also a trend we’ve been covering for months now.)

This seems a strange approach from a guy who’s a libertarian, anarchist, capitalist, central-bank-hating, chainsaw-wielding president-elect.

The U.S. dollar is everything bitcoin isn’t.

The dollar is inflationary and centralized. Bitcoin is deflationary and decentralized.

If Milei wants to make the U.S. dollar the primary currency of Argentina, best of luck to him.

But the challenge he’ll face is the same one that got Argentina into this mess to start with.

Instead of seeing a reduction of the peso’s buying power, he’ll deal with the declining purchasing power of the U.S dollar.

Even worse, it puts the Argentine economy at the mercy of a foreign central bank. (In this case, the Federal Reserve.)

Adopting the dollar to bring down inflation is like trying to put out a dumpster fire with a can of gasoline.

While the rest of the world continues with de-dollarization, Milei will be on an economic island with only one life raft back to safety…


If the dollar’s purchasing power continues to collapse, it might force Milei’s hand to officially adopt bitcoin as the reserve currency of Argentina.

In that’s the case, then it only goes to reinforce the direction we’ve long written about for the future of bitcoin.

El Salvador was the first. Argentina may be the second. And according to leading blockchain firm Chainalysis, three other Latin American nations – Brazil, Colombia, and Ecuador – are among the top countries in the world in crypto adoption.

It doesn’t happen all at once. But the idea of bitcoin as a global reserve currency isn’t all that wild.

As de-dollarization continues, and as smaller, economically troubled nations look for a way out of their financial woes… Bitcoin will be there ready for them to adopt.

That positions bitcoin as the base layer that entire economies are built on.

And it not only means we could easily be looking at bitcoin sailing past $500,000 per BTC… But it makes $1 million BTC a very realistic possibility.

(Teeka makes the bull case for $500,000 bitcoin right here.)

Then it won’t matter if you’re in Argentina or America. Anyone with 1 BTC will be a millionaire.


Sam Volkering
Analyst, Palm Beach Daily

P.S. As I mentioned above, if we move sharply into a world of de-dollarization, then we expect bitcoin will see $500,000.

And just like 2020, bitcoin’s bull run will act as a slingshot for select altcoins.

Recently, Teeka held a special briefing to discuss details about his No. 1 token and stock to benefit from the de-dollarization trend. You can stream the replay here.