Argentina poll: 58% lose trust in Milei after $4.6B Libra crypto scandal

In March, polling firm Zuban Córdoba surveyed 1,600 people on their trust in President Javier Milei. About 58% said they do not trust him due to his involvement in the $4.6 billion Libra (LIBRA) cryptocurrency scandal.

Since the scandal broke, public opinion on Milei’s approval has been divided. According to a recent survey, 36% still believe in him, and more than half remain skeptical.

Milei’s approval rating drops as public sentiment worsens

Zuban Córdoba conducted a study of 1,600 participants between March 12 and 14, with a 2.45% sampling error and a 95% confidence level. For the first time, the polling platform included a question assessing trust in President Javier Milei.

Several key metrics have recently declined, including Milei’s reputation and national management approval rating.

Zuban Córdoba reported that negativity concerning Milei’s leadership seemed to have no end as it rose gradually but consistently.

“The change in tone and evaluation of the government is consolidating as more and more problematic fronts appear on the political agenda,” the polling platform said.

Meanwhile, Milei’s approval rating fell to 45% in another University of San Andrés survey that 1,020 respondents filled out between March 11 and 20.

Milei’s approval remains divided amid Libra scandal fallout

President Milei is portrayed differently in each poll, though. According to Morning Consult data collected between February 27 and March 5, Milei’s approval rating was 62.4% following the Libra scandal.

Since the scandal, Milei has distanced himself from Libra, claiming in a controversial X post on February 14 that he simply “spread the word” about the LIBRA token rather than promoting it. Meanwhile, fraud lawsuits against his claim continue to pile.

Shortly following Milei’s X post, the Libra token surged to a $4.6 billion market cap before experiencing a serious, constant decline of nearly 94% over the following few hours.

Although they have not succeeded, Argentina’s opposition party demanded that Milei be removed from office.

Milei’s crypto scandal threatens political alliances and popularity

President Javier Milei’s meme coin scandal has ailed his attempts to forge political alliances before the congressional midterm elections and tarnished his popularity.

The dispute started in February when Milei backed the new token Libra in a post on X. Libra’s price jumped to $5 after his endorsement, and hours later, it was back to around $1.

Milei’s critics accused him of being a rug-pull scammer who pumped up the value of an asset before a leading figure cashed out. The president deleted the post soon after.

Milei’s administration denied any connection to the cryptocurrency industry, saying he had been deceived. At the same time, a federal judge opened an inquiry into the token’s release and Milei’s possible involvement in it.

Although his hardline economic policies and anti-corruption measures gained him public support, the crypto scandal has undermined his previously staunch support.