Javier Milei’s party, La Libertad Avanza (LLA), took a strong showing in the 2025 midterm elections in Argentina, consolidating his power and setting the stage for more ambitious reforms. That should excite the crypto industry — after all, Milei has long flirted with pro-crypto language, calling central banks “a scam” and dubbing Bitcoin the “natural reaction against the central-bank scammers.”
But before the champagne flows in crypto circles, there’s a reality check: the win doesn’t automatically translate into a crypto-friendly policy bonanza.
Why the crypto industry should stay cautious
Great sound bites, thin delivery
Milei has publicly invited free competition of currencies, saying if you want to use Bitcoin, “there will be no problems.”
But when push came to shove, his government’s first high-profile legislative attempts either dropped crypto provisions or opted for stricter regulatory oversight rather than libertarian crypto nirvana.
For example, the bill known as the “Law of Bases and Starting Points for the Freedom of Argentines” excluded the crypto investor-regularisation tax part — despite that being touted early. Then in March the government passed Law N° 27,739 which introduced AML/ VASP registration obligations for virtual asset service providers.A reputation hiccup of epic proportions
Milei’s crypto-street cred took a big hit with the token scandal around $LIBRA in February 2025. The story: a memecoin was launched, Milei promoted it via his social media, it surged then collapsed, lots of investors lost money, and scandal erupted.
This isn’t just a footnote — it undermines his standing in the crypto community and raises questions about his seriousness (and competence) in this space.Even with a mandate, crypto is not yet “on the path”
LLA’s victory gives Milei a broader mandate, yes. But there’s no guarantee crypto becomes a core part of his agenda. Economic pressures, inflation, social unrest, and legacy issues in Argentina may dominate the agenda more than cutting-edge crypto reforms.
And for crypto folks: the optics might seem promising, but the policy machinery isn’t yet aligned — and that’s risky if you were banking on a crypto summer.
Elon Musk and Javier Milei are the world’s poster boys for neoliberalism and libertarianism, source: X
If I were placing bets, I’d say: crypto enthusiasts in Argentina should not pop the champagne just yet.
Milei’s rhetoric is exciting if you’re a maximalist: free currency competition, anti-central bank, Bitcoin as resistance. But his track record in office shows ambition + style > execution + substance — especially in crypto.
The $LIBRA scandal reveals two uncomfortable truths: policy coordination in his camp around crypto is weak, and the regulatory direction may turn out heavier than hoped once things get serious.
So: yes — there’s potential. But the crypto world needs to stay skeptical, keep demands high, and watch the detail-work. Because if Milei slips or shifts focus, the “win” could quickly look like window-dressing for the industry.
