In brief
Argentine President Javier Milei sparked controversy by backing a cryptocurrency, $LIBRA, which initially gained value but then rapidly declined. Following criticism, Milei deleted his post and announced an investigation into possible legal violations, drawing parallels with former President Trump’s cryptocurrency venture.
Argentine President Javier Milei has ignited a political uproar by promoting an obscure cryptocurrency token, $LIBRA, which soared in value following his endorsement only to experience a rapid decline soon after. On Friday night, Milei claimed that the coin would invigorate the economy and support small business growth, causing a temporary surge in its value. However, concerns that the token might be a scam led to a swift reversal of fortunes. After just five hours, Milei removed the post from his personal social media account and sought to distance himself from the endorsement, stating, “I was not familiar with the details of the project,” and explaining that he chose to delete the tweet upon further investigation. In a subsequent post from his official presidential account, he described his initial promotion of the coin merely as a standard business endorsement, while declaring the launch of an investigation to determine if anyone in his administration, including himself, had acted against the law.Critics have lambasted Milei for allegedly encouraging citizens to invest in a risky venture. The incident has drawn comparisons to former President Trump's recent launch of a memecoin, $Trump, which experienced similar volatility. An opposing center-left coalition labeled Milei's involvement as “a scandal without precedent” and is reportedly moving to establish a congressional commission to probe the situation further.
