Argentina’s President Caught in Cryptocurrency Controversy
Javier Milei, Argentina’s ever-controversial president, has once again found himself at the center of a political storm—this time, involving cryptocurrency. His enthusiastic endorsement of a digital coin, $LIBRA, on social media has sparked outrage, legal complaints, and even talk of impeachment.
And why? Because within hours of his endorsement, the value of $LIBRA soared—only to come crashing down just as quickly, leaving investors devastated. The incident has led to accusations of fraud, a legal battle, and yet another political circus in Argentina.
What Happened? The Cryptocurrency That Vanished Overnight
On Friday, Milei took to X (formerly known as Twitter) to sing the praises of $LIBRA, claiming it would be a boon for small businesses and startups. He even shared a link, encouraging people to buy in. Predictably, the coin’s value skyrocketed—until it didn’t. Within hours, the post was deleted, and the currency tanked, leaving those who had jumped on the bandwagon with empty pockets.
This kind of situation isn’t exactly new in the crypto world. There’s even a name for it: a “rug pull.” It’s when a cryptocurrency project builds hype, attracts investment, and then—just when people think they’re about to cash in—plummets in value, while those behind it quietly disappear with the money.
And guess what? That’s exactly what some are accusing Milei of doing.
Political Fallout: Impeachment Calls and Legal Trouble
The reaction was swift and brutal. Opposition politicians wasted no time sharpening their knives. Former President Cristina Fernández de Kirchner labeled Milei a “crypto scammer” in a widely circulated post. The country’s largest opposition coalition declared the fiasco an “unprecedented scandal” (which, given Argentina’s political history, is saying something).
Meanwhile, Esteban Paulón, a Socialist Party member, made it clear he intends to push for impeachment proceedings. And it’s not just political grandstanding—legal complaints have already been filed. Lawyer Jonatan Baldiviezo, one of the plaintiffs, told the Associated Press, “The crime of fraud was committed, in which the president’s actions were essential.”
Translation? This isn’t just political theater. Real legal consequences could be on the table.
Milei’s Defense: Just an Honest Mistake?
Of course, Milei’s camp has an entirely different version of events. On Saturday, Argentina’s presidential office released a statement saying the post was removed to “avoid speculation” following the public’s frenzied reaction to the cryptocurrency.
They insist Milei had no hand in developing the coin and that the country’s Anti-Corruption Office will investigate the matter thoroughly—including any potential wrongdoing by the president himself.
But that explanation hasn’t exactly put out the fire. Critics have pointed out that the link Milei shared bore a striking resemblance to a phrase he often uses in his speeches—suggesting he was, at the very least, more involved than he’s letting on.
And let’s be honest—if a regular citizen had done the same thing, they’d probably be facing serious legal trouble already.
A Pattern of Chaos?
Whether this was a deliberate scam or just another reckless move from a leader known for his unpredictability, it’s clear that Milei has once again thrown Argentina into turmoil.
His presidency has been nothing if not chaotic, marked by sweeping economic experiments, aggressive deregulation, and an approach to governance that often feels like it’s being improvised in real time. And now, a cryptocurrency scandal has been added to the mix.
So, is this just another blunder in a long list of political missteps? Or is there something more sinister at play? Either way, it’s the ordinary people—those who believed in their president and trusted his word—who are left paying the price. Again.
