Argentine President Javier Milei Faces Public Trust Crisis After LIBRA Memecoin Scandal
A recent national survey conducted by Zuban Córdoba has revealed a significant decline in public trust towards President Javier Milei following his involvement in the LIBRA memecoin collapse. The survey, which polled 1,600 Argentinians, showed that:
- 57.6% of respondents no longer trust the president
- 36% remain supportive of Milei
- 6.4% are undecided
This sharp drop in trust indicates a growing disillusionment among the public with the government’s handling of both the economy and security issues.
The LIBRA Memecoin Scandal
President Milei’s credibility took a hit when he publicly endorsed LIBRA, a memecoin that experienced a rapid surge in market cap to over $4 billion, only to crash by over 99% shortly after. Despite attempts to distance himself from the controversy, blockchain investigations uncovered:
- Insiders selling off more than $100 million in holdings post-Milei’s endorsement
- Accusations of a coordinated pump-and-dump scheme
Law enforcement agencies are now involved in gathering evidence and freezing assets linked to the project’s developers, with Interpol seeking a Red Notice for Hayden Davis, a key figure in LIBRA’s creation and collapse.
Impact on Milei’s Public Image
The fallout from the LIBRA scandal has contributed to a broader decline in public approval of Milei’s administration, with dissatisfaction steadily rising. The March poll highlights:
- 58% of citizens disapprove of Milei’s presidency
- Negative sentiment towards the IMF and opposition to new loans
- Concerns over public safety, with over 50% of urban residents feeling unsafe
Despite Milei’s current approval rating of 41.6%, analysts warn that governability could become an issue if support drops below 40%.
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