A scandal involving the meme coin Libra and President Javier Milei has sent shockwaves through Argentina’s political scene. Public trust is declining, approval ratings are dropping, and critics are calling for accountability. What exactly happened – and could this crypto crash cost Milei his presidency?
📊 Survey: Public Trust Is Crumbling
A March survey conducted by the reputable Zuban Córdoba agency revealed that 58% of Argentinians no longer trust President Milei due to his alleged involvement in the Libra token scandal, which briefly reached a $4.6 billion market cap before plummeting nearly 94% within hours.
According to another survey by the University of San Andrés, Milei’s approval rating has fallen to 45%, a sharp drop in recent months. Though data from Morning Consult still places his trust level above 60%, the trend is clear: public sentiment is shifting.
🪙 What Happened with the Libra Token?
The scandal erupted when Milei shared a post on social media platform X in February mentioning the new meme coin Libra, claiming it supported “freedom and decentralization.” Within hours, the token’s price surged to $5—only to crash back down to $1 shortly after. Investors lost hundreds of millions.
President Milei claims he was misled. In a controversial post on February 14, he stated he wasn’t promoting the token but merely “spreading the word.” Critics, however, accused him of being part of a rug pull – artificially pumping the token before it collapsed.
⚖️ Political Fallout: Investigations and Opposition Pressure
The controversy sparked swift reactions. A federal judge launched an investigation to determine whether Milei violated any laws, and opposition leaders called for his removal. While he remains in office for now, his position has weakened considerably.
Election analysts say Milei is losing support among former allies. The scandal comes at a critical time before midterm elections and could be a major turning point in his political career.
🧠 Public Reaction: Rising Skepticism, Declining Confidence
The Argentine public is deeply divided. More than half of citizens are skeptical about Milei’s claims of innocence. In a country grappling with economic challenges, any controversy hits hard. Many once saw Milei as a symbol of hope – but the Libra debacle has shaken that belief.
🤔 What Comes Next?
Whether Milei can recover from the fallout of the crypto scandal remains uncertain. So far, he denies any wrongdoing, calling himself a “victim of manipulation,” while his team works to repair the damage.
But one thing is clear: The Libra incident will have political consequences, whether or not direct guilt is proven. Argentine society demands answers – and they’re not getting many so far.
#JavierMilei ,
#argentina ,
#libra ,
#CryptoNewsCommunity ,
#CryptoScandal Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“