Pro-Bitcoin presidents unite — Trump, Milei, and Bukele spark crypto optimism

The “Trump trade” is back in full swing, with pro-crypto leaders like President Donald Trump, Argentina’s President Javier Milei, and El Salvador’s Nayib Bukele signaling a new era in crypto regulation as the Trump inauguration ends and Trump takes the helm as the 47th president of the United States.

The trio, all in the early stages of their presidential terms across the Americas, has positioned itself as perhaps crypto’s biggest political champions, sparking hopes of unprecedented government support and possibly heralding a new, friendlier posture toward the industry that could have far-reaching implications at a global scale.

“Trump’s signaling to the sector is likely to boost the industry globally,” Guilherme Rebane, partner at digital asset trading firm Nonco, said to Cointelegraph. 

“The ripple effect of increased proactivity and acceptance from the US government regarding this asset class and the sector will significantly benefit jurisdictions already adapted.”

From establishing Bitcoin as a legal tender in El Salvador to Argentina accepting rental payments in crypto or the US creating a crypto czar position in the administration, the pro-crypto stance of the trio has already translated into action. As Donald Trump prepares to take office as the next US president, it’s the perfect moment to examine how the actions of these three presidents are shaping the ecosystem.

Trump’s big moment

On Jan. 20., Bitcoin soared to new highs ahead of Trump´s inauguration, trading as high as around $109,000 at some points of the day. In a break from tradition, the ceremony will feature other political leaders as official guests, including Argentina’s Milei and Bukele. Although the president of El Salvador confirmed he received a formal invitation, he has not publicly stated whether he will attend the event.

Both Latin American leaders, who quickly congratulated Trump after his Nov. 4 win, could signal a shift in U.S.-Latin American relations. Despite strong ties with Mexico and significant trade with South American powerhouse Brazil, the presidents of these left-wing administrations were notably absent from the official guest list for Trump’s inauguration, suggesting a potential realignment under the new US administration.

Related: Bitcoin hits new all-time high above $109K ahead of Trump’s inauguration

The Trump era could mark a pivotal chapter in Bitcoin’s history, though much remains to be seen. He has previously expressed his intention to make the United States the global capital of crypto and Bitcoin and has appointed David Sacks, a prominent Silicon Valley investor, as the “White House AI and Crypto Czar.” 

Bukele is a Bitcoin trailblazer

Previously, President Trump has taken credit for Bitcoin’s historic run, citing his long-standing support and promotion of the cryptocurrency’s use in the US market. Still, El Salvador is already feeling tangible benefits from the rise in its price.

 “I personally believe that this year—and the years to come, but especially this one with Trump’s inauguration—will be very significant for Bitcoin and the entire ecosystem,” Bukele declared during a press conference on Jan. 14. He predicted a “likely exponential” revaluation of Bitcoin and a “friendlier ecosystem” ahead.

Bukele has been on a mission to rebrand his small, struggling nation as a hub for cryptocurrency and tourism. In 2021, he made headlines by pioneering Bitcoin as legal tender, a bold move that placed the country at the forefront of the crypto revolution. His administration has also strategically boosted El Salvador’s Treasury reserves with regular Bitcoin purchases, which now total $650 million.

Related: Bitcoin reserves interest gains momentum across 5 continents

While this posture initially faced rejection from traditional financial institutions, including the International Monetary Fund (IMF), Bukele’s gambit has proven fruitful, with Bitcoin purchases generating significant profits for the treasury. Though a recent agreement with the IMF suggests the country may scale back certain extreme policies—such as making Bitcoin acceptance optional rather than mandatory—El Salvador remains a key player in the space, with companies like Tether relocating its office to the country after securing a license.

Milei, a free-market radical who also loves Bitcoin

Javier Milei was the first foreign leader to meet with Donald Trump after the election, flying from Buenos Aires to the president-elect’s Mar-a-Lago club after the election.

Known for his “anarcho-capitalist” views, Milei has gained frequent praise from high-profile figures like billionaire Elon Musk, who will lead the newly created Department of Government Efficiency with a mission to cut federal programs, slash regulations, and streamline government operations.

Milei has been a vocal advocate for cryptocurrencies and blockchain technology from the outset, seamlessly integrating these into his free-market philosophy. During his campaign trail, he promised to abolish the central bank in Argentina, and during his first year in office, he pushed for the use of cryptocurrencies in everyday transactions. These can now be used as means of payment in rental contracts, a practice that was previously prohibited and limited to the national currency, the peso.

During Meta Day Argentina on Nov. 12, Milei said, 

“Don’t let the states take over and manage cryptocurrencies; they should stay in the private sector.” 

Milei elaborated by saying, 

“They’ve already taken control of paper money and are scamming us with the biggest scam in human history, which are the central banks.”

The 54-year-old economist is spearheading a dramatic shift in Argentine policy, advocating for deep government spending cuts and the elimination of red tape to streamline the economy and bring an end to the inflation that has plagued the country for years. He is also pushing for the use of alternative currencies, particularly the US dollar, alongside cryptocurrencies for transactions. 

According to Milei,

“The historic monopoly that technology is cracking is currency, because people around the world are beginning to use means of exchange independent from the central power, yet still reliable, like cryptocurrencies.” 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.