Survey reveals 57% of Argentines distrust President Milei following LIBRA crypto scandal

Jimmy Aki
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A recent survey of 1,600 Argentines revealed that 57.6% had lost trust in President Javier Milei due to the $4.6 billion LIBRA crypto scandal. However, 36% still support him despite the controversy, while 6.4% remain uncertain as the situation unfolds.

Survey Shows Another Sharp Decline in President Milei’s Public Image

According to polling platform Zuban Córdoba, the survey sought to measure public trust in President Milei following the LIBRA crypto scandal. Respondents were asked a direct question: More than a month after the crypto fraud scandal broke out, how much do you trust Milei today?

However, the survey did not only measure trust in the president. Several other key metrics, including President Milei’s public image and national management approval rating, have also significantly declined in recent months.

The approval rating, which stood at 47.3% in November, has now fallen to 41.6% in March. The data suggests that the LIBRA crypto controversy has impacted Milei’s standing among the public.

Regarding transparency and authenticity, Zuban Córdoba explained that the survey covered Argentina’s population aged 16 and older. It was weighted by age, gender, and region to ensure proportional representation.

The data was collected between March 12 and March 14, 2025, with a sample size of 1,600 respondents. The study also has a confidence level of 95%, making it a highly credible reflection of current public sentiment.

This is not the first survey to indicate waning trust in President Milei.

A separate study conducted by the University of San Andrés between March 11 and March 20, which surveyed 1,020 respondents, found his approval rating had dipped to 45%.

However, contrasting reports exist. A survey from Morning Consult, conducted between February 27 and March 5, suggested that Milei maintained a 62.4% approval rating even after the LIBRA crypto scandal erupted.

LIBRA Crypto Scam and Lawsuits Against Milei

The controversy began when President Milei took to X (formerly Twitter) to endorse the LIBRA crypto token. He described the project as fueling economic growth by empowering small businesses and startups.

LIBRA’s value soared from near $0 to $5, briefly reaching a staggering $4 billion market capitalization.

However, Milei’s public endorsement quickly backfired. Amid rising skepticism and backlash, he deleted the post within hours. The damage was already done.

The deletion triggered panic selling, crashing the price of LIBRA crypto and wiping out millions in investor funds.

Legal repercussions followed swiftly. A report from the Associated Press revealed that Argentine lawyers filed a criminal complaint against the president.

They accused Milei of fraud, arguing that his promotion of the LIBRA crypto lacked proper disclosure.

Separately, another legal case was initiated by lawyer Agustín Rombolá, a member of the political party Unión Cívica Radical.

He accused Milei of financial misconduct, including fraud, price manipulation, and engaging in business dealings incompatible with public office.

Milei’s case mirrors President Trump’s crypto controversy. Before his inauguration, Trump introduced the $TRUMP meme coin, followed by his wife’s $MELANIA.

Trump’s memecoin peaked at $75.35 on January 19 but as of now, its value has dropped to $11.50, marking an 84.73% decline from its highest point.

The move also sparked legal scrutiny. Public Citizen urged a federal probe into President Trump for potential gift law violations, but little progress has been made.

Whether President Milei can recover remains uncertain, but the fallout continues to unfold, with both political and legal ramifications shaping his presidency.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.