A recent survey has unveiled a dramatic erosion of public faith in Argentina’s president, Javier Milei. A staggering 57.6% of respondents now harbor distrust toward the libertarian maverick.
This follows his entanglement in the LIBRA cryptocurrency debacle, which left millions of investors clutching their empty wallets and cursing their luck.
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The results delivered a crushing blow to Milei’s credibility. His overall image has taken a nosedive, with 58.5% of respondents viewing him unfavorably. Meanwhile, 41.1% still cling to a favorable opinion—perhaps out of sheer stubbornness or misplaced hope.
Public approval of his administration mirrored this sentiment, with 58.4% disapproving of his management while 41.6% continued to support him. It’s almost as if Argentina is split between those who’ve been burned and those who haven’t… yet.
For context, the LIBRA scandal erupted on February 14 when Milei promoted the newly launched cryptocurrency in a now-deleted post on X (formerly Twitter). Within hours, the token’s value skyrocketed to a market capitalization of over $4 billion, only to crash by more than 95% as early investors, including alleged insiders, cashed out faster than a tango dancer’s quickstep.
Blockchain analytics firm Nansen reported that insiders and bots pocketed $180 million in profits. Meanwhile, 86% of LIBRA investors suffered losses totaling $251 million. The fallout left thousands of investors, many of them Milei’s own supporters, reeling from financial devastation—proving that even libertarians aren’t immune to the occasional rug pull.
Milei swiftly distanced himself from the project, claiming that he merely spread the word about LIBRA and did not intend to endorse it. However, his explanation did little to quell public outrage or legal scrutiny.
In fact, numerous criminal complaints were filed against Milei and associated parties in the aftermath of the event. Argentine authorities also launched a federal investigation into the president’s involvement—because nothing says “libertarian paradise” like a good old-fashioned government probe.
Despite the damage to his reputation, Milei’s La Libertad Avanza party continues to lead in election polls ahead of the October 26 vote. The party has secured 36.7% support, compared to 32.5% for the opposition coalition Unión por la Patria. This shows that while the scandal has hurt Milei’s image, it has not completely dismantled his political movement—because, apparently, some people just love a good underdog story, even if the underdog is a crypto-peddling libertarian. 🐕
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2025-03-27 14:31