According to a recent poll by Zuban Córdoba, nearly 58% of respondents stated they no longer trust Milei, with only 36% expressing continued support. The controversy surrounding Milei’s alleged involvement in promoting the now-infamous LIBRA token has added to mounting criticism of his leadership, particularly in the months leading up to Argentina’s presidential election in October.
The LIBRA Token: What Went Wrong?
The LIBRA token, initially marketed as a revolutionary memecoin, surged to an eye-watering $4.6 billion market capitalization after a social media post by Milei in February. However, the token’s value plummeted by 94% within hours, leaving many investors with devastating losses.
Critics accuse Milei of indirectly promoting the token, which he denies. In his defense, Milei claimed he was merely "spreading the word" and not endorsing the token as an investment. Regardless of his intent, the fallout from the scandal has cast a shadow over his presidency and raised questions about the ethical responsibilities of public figures in the crypto space.
The Poll Results: A Snapshot of Discontent
The Zuban Córdoba poll, conducted between March 12 and 14 with 1,600 participants, revealed that 57.6% of Argentines disapprove of Milei, marking a significant shift in public sentiment. Additionally, the poll highlighted a gradual decline in his national management approval rating, which fell from 47.3% in November to 41.6% in March.
This isn’t the only survey to indicate trouble for Milei. A study by the University of San Andrés showed his approval rating had dropped to 45% as of March. However, a contrasting poll by Morning Consult suggested Milei still retained a 62.4% approval rating shortly after the scandal broke. These discrepancies highlight the polarized opinions surrounding his presidency.
Despite the growing mistrust, Milei’s political party, La Libertad Avanza, continues to lead in election projections, with 36.7% of the vote compared to 32.5% for the opposition party Unión por la Patria.
What Does This Mean for Argentina and Its Crypto Landscape?
The LIBRA scandal is not just a political controversy - it’s a cautionary tale for Argentina’s burgeoning crypto market. The fallout has fueled debates about regulation and the role of public figures in endorsing digital assets. Critics argue that the incident highlights the risks of market manipulation and the need for investor protections in the volatile crypto space.
For Milei, the scandal poses both immediate and long-term challenges. With inflation remaining a pressing issue and skepticism mounting over his economic policies, the LIBRA controversy could further erode his credibility. According to recent polls, 63% of Argentines oppose Milei’s approach to securing a loan from the International Monetary Fund, while only 43% believe he has effectively addressed inflation.
Conclusion
The LIBRA memecoin scandal has become a defining moment in President Javier Milei’s administration, casting a shadow over his leadership and raising questions about the intersection of cryptocurrency and politics. With public trust declining and the October election approaching, Milei faces an uphill battle to restore confidence and address the nation’s economic challenges.
Disclaimer: This article is for informational purposes only and does not constitute financial or political advice. Readers are encouraged to conduct their own research.
