Argentine President Milei Faces Waning Trust Amid $4.6B Libra Scandal

Trust in Argentine President Javier Milei has sharply declined following his alleged involvement in the $4.6 billion Libra crypto scandal. According to a recent poll by Zuban Córdoba, nearly 58% of Argentinians expressed distrust in Milei, marking a significant blow to his public image.

The survey, conducted between March 12 and 14, polled 1,600 participants with a 95% confidence level. When asked, “How much do you trust Milei today?” 57.6% of respondents disapproved of him, while only 36% maintained their support. The remaining 6.4% were unsure. This was the first time Zuban Córdoba included this specific question in their poll, but broader metrics also indicate that Milei’s popularity is slipping.

For instance, the president’s national management approval rating dropped from 47.3% in November to 41.6% in March. Zuban Córdoba’s report noted that public dissatisfaction with Milei’s leadership is “slowly but steadily” increasing as political scandals continue to surface.

Mixed Polls Reveal Divided Sentiment

Despite Zuban Córdoba’s findings, not all surveys portray Milei’s approval in freefall. A separate poll by the University of San Andrés, conducted between March 11 and 20 with 1,020 respondents, found Milei’s approval rating at 45%. Meanwhile, data from Morning Consult, collected between February 27 and March 5—after the Libra scandal emerged—showed Milei still holding a 62.4% approval rating.

However, the Libra controversy has clearly impacted his credibility. Following his controversial February 14 post on X, which many interpreted as an endorsement of the Libra token, the cryptocurrency briefly soared to a $4.6 billion market cap.

It soon collapsed by nearly 94%, leaving many investors in the lurch. Though Milei denied promoting the token, claiming he merely “spread the word” about it, he is now facing fraud lawsuits over the incident.

LIBRA Scandal Looms Over Upcoming Election

The Libra scandal adds further volatility to Argentina’s already polarized political landscape, with the next presidential election slated for October 26. Although opposition parties have called for Milei’s impeachment, their efforts have so far gained little traction.

Despite the fallout, Milei’s La Libertad Avanza party remains the frontrunner for the upcoming election, with 36.7% of respondents supporting the libertarian party. The rival Unión por la Patria trails slightly behind at 32.5%.

Nonetheless, public dissatisfaction with Milei’s economic policies continues to mount. Only 43% of Argentinians believe he has effectively controlled inflation, while 63% oppose his attempts to secure a new loan from the International Monetary Fund (IMF).