Milei's Trust Plummets 57.6% Post-LIBRA Scandal

Public confidence in Argentina’s President Javier Milei has significantly eroded, with 57.6% of respondents expressing distrust in the libertarian leader. This decline in trust follows his involvement in the LIBRA cryptocurrency scandal, which resulted in substantial investor losses. The survey, conducted between March 12 and 14, included responses from 1,600 individuals and had a confidence level of 95% with a 2.4% margin of error. The findings indicate a growing disillusionment with the government, with negative perceptions deepening each month. The report noted that the negativity is steadily increasing, with no apparent ceiling, as more problematic issues emerge on the political agenda.

When asked about their trust in Milei following the LIBRA scandal, only 36% of respondents expressed trust in the president, while 6.4% remained undecided. This marked a significant blow to Milei’s credibility, as his overall image has also suffered. 58.5% of respondents hold a negative perception of him, compared to 41.1% who retain a favorable opinion. Public approval of his administration mirrored this sentiment, with 58.4% disapproving of his management while 41.6% continuing to support him.

The LIBRA scandal erupted on February 14 when Milei promoted the newly launched cryptocurrency in a post on X (formerly Twitter). Within hours, the token’s value soared to a market capitalization of over $4 billion, only to crash by more than 95%. Early investors, including insiders and bots, earned $180 million in profits. Meanwhile, 86% of LIBRA investors suffered losses of $251 million, leaving thousands of investors, many of them Milei’s own supporters, reeling from financial devastation.

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. Many 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.

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. This shows that while the scandal has hurt Milei’s image, it has not completely dismantled his political movement.