Bitcoin Believer Max Keiser Slams Javier Milei's Crypto Regulation in Argentina

Max Keiser, known as the "High Priest of Bitcoin," has severely criticized Javier Milei, the libertarian President of Argentina, for his recent move to regulate Bitcoin (BTC) in the country. Keiser believes that Milei's decision stems from a lack of understanding of BTC and will have negative consequences.

Bitcoin Evangelist Max Keiser Condemns Javier Milei's Crypto Regulation in Argentina

Buenos Aires, Argentina - Max Keiser, the self-proclaimed "High Priest of Bitcoin," has launched a scathing attack against Javier Milei, Argentina's recently elected libertarian president, for his decision to regulate Bitcoin (BTC) in the country.

Keiser, a prominent Bitcoin advocate, took to social media to express his disapproval of Milei's move, asserting that it represents a major misstep. He claims that Milei's lack of understanding of Bitcoin will ultimately lead to negative consequences.

"Javier Milei makes his first major mistake," Keiser tweeted. "He never took the time to understand #Bitcoin, now he'll suffer the consequences."

Milei, a former economics professor, emerged as a Bitcoin-friendly candidate during his presidential campaign. His election in November 2023 raised hopes among crypto enthusiasts that he would foster a favorable environment for digital currencies.

However, just a few months into his presidency, signs of a shift in stance emerged. In late March, Argentina's National Securities Commission (Comisión Nacional de Valores) announced the implementation of a mandatory Registry of Virtual Asset Service Providers, effectively ushering in more regulation for entities operating with crypto assets.

Keiser and other members of the cryptocurrency community have reacted with dismay to this development.

"This is a terrible idea," said Manuel Ferrari, an Argentinian NGO Directive member and co-founder of the Money On Chain protocol, in an interview with Forbes. "Bitcoin is money, not a security. It's as wrong as if currency exchange houses for dollars or euros or shops where gold is bought and sold had to register with the CNV. It's complete nonsense."

Neo (@21Millones_BTC), another prominent crypto advocate, expressed disappointment in Milei's perceived reversal. "I used to pay contractors in Argentina using Bitcoin via Lightning Network," Neo tweeted. "But since the new government took office, custodial apps have ceased allowing BTC transfers. This is a shift away from freedom in the cryptocurrency space."

Analysts have warned that if Argentina does not take appropriate steps to foster innovation in the crypto sector, it may suffer economic consequences.

"Argentina has a chance to become a leader in Bitcoin adoption and crypto innovation," said one analyst. "But if it continues to impose excessive regulations, it will stifle growth and drive talent and investment to other jurisdictions."

The analysts noted that Texas Bitcoin miners have recently partnered with Argentinian firms to establish sustainable mining operations. The implementation of restrictive crypto regulations could jeopardize these collaborations and harm Argentina's economy.

As the situation continues to evolve, the cryptocurrency community will closely monitor how far-reaching Milei's crypto regulation moves will be.