The Lebanese economist Saifedean Ammous, author of The Bitcoin Patterncriticized Javier Milei’s monetary expansion. This by accusing the Argentine president of quadrupling the monetary supply in two years to avoid deflation.
Ammous argued that the ruler of Argentina uses Keynesian excuses despite his libertarian profile. And he pointed out directly by pointing out that «after quadrupling the monetary mass in two years, Milei offers an explanation by pointing out that without inflation, «The undermonetized economy would suffer deflation that kills growth.»
The Lebanese bitcoiner added: «Long live Carry Trade Damn!» He shared this on X along with a video in which Milei is seen defending his strategy in an interview on November 1.
The carry trade is a financial strategy where you borrow in a currency with low interest rates (such as pesos in Argentina) to invest in high-yield assets (such as dollars or bonds), earning with the difference in these rates.
The Argentine president explained that non-financial private credit rose from 4% to 9% of GDP during his administration. «You cross the mountain range and it is close to 100%. In the region, they exceed 60-80%,» he told 24Noticias.
The president justified purchases of dollars by the Central Bank. «We monetize the economy if the demand for money continues, to avoid deflation and contractual problems,» he clarified.
Milei then rejected fixed floors to the dollar, pointing out that «They are quantitative goals, not interventions.» He also insisted on his aversion to inflation. «I hate her. “I will not stop until it is zero, because it is a regressive tax,” he stated.
Meanwhile, Saifedean Ammous’s statement is based on official data from the Central Bank of the Argentine Republic (BCRA). This is given that the initial value of the monetary mass in December 2023 was approximately 9 trillion pesos (ARS), and the most recent (October 2025) reaches 40.1 trillion ARS, which represents a cumulative growth of over 300%.
Annual inflation fell from 211% to 50% in October 2025, but the carry trade persists with rates above 70%. For this reason, Ammous suggests that the Argentine monetary policy directed by Milei adapts models implemented in the United States.
Ammous sees a libertarian betrayal. «Milei promised to close the BCRA, but chose to print money and enrich friends via carry trade,» he wrote in previous threads.
In the past, quantitative easing was implemented by the US Federal Reserve (Fed) after the global financial crisis of 2008. That is, the expansion of the monetary supply to avoid deflation, which is similar to that US strategy that, as Ammous suggests, Milei adapts despite his libertarian ideology.
Previously, in an incendiary thread on
At the heart of his criticism of Milei, Ammous emerges not only as a detractor of Keynesian policies, but as a fervent defender of the bitcoin pattern for emerging nations plagued by the instability of fiat money.
He has repeatedly argued that bitcoin offers a shield against chronic inflation and dependence on central banks, rescuing economies from monetary expropriation. His vision materialized in 2023, when he was appointed economic advisor to the National Bitcoin Office of El Salvador, the first country to adopt the currency created by Satoshi Nakamoto as legal tender, as reported by NoticiasVE at the time.