Over 57% of Argentinians Lose Trust in President Milei After $4.6 Billion Libra Crypto Scandal

Argentina’s Distrust in President Milei Grows Amid Crypto Scandal

The political landscape in Argentina has been rocked by a recent survey revealing a dramatic drop in President Javier Milei’s approval ratings, following his controversial involvement in the $4.6 billion Libra crypto scandal.

A growing number of Argentinians now express disapproval of his leadership, as the country grapples with economic instability and a tarnished image of its head of state.

Polls Show Growing Discontent Among Voters

According to polling firm Zuban Córdoba, over 57% of Argentinians now say they no longer trust President Milei.

The survey, conducted between 12 March and 14 March with 1,600 participants, highlights a stark shift in public opinion.

Of those questioned, 57.6% said they no longer trusted the president, with only 36% maintaining confidence in his leadership.

The remaining 6.4% of respondents remained undecided.

Source: Zuban Córdoba

Public opinion has notably shifted, with Milei's national management approval dropping from 47.3% in November 2024 to 41.6% by March 2025.

The crypto fraud controversy has not only sparked widespread discontent but also driven negativity toward Milei’s administration.

Zuban Córdoba noted that “Negativity increases slowly but steadily and seems to find no ceiling,” highlighting the growing frustrations among the public.

This erosion of trust appears to be linked to the president’s failure to contain multiple crises.

Crypto Scandal Puts Milei in Hot Water

The Libra (LIBRA) token scandal, which saw the cryptocurrency soar to a $4.6 billion market cap before plummeting by nearly 94%, has been a major embarrassment for Milei.

On 14 February, Milei made a post on X about the token, which subsequently triggered a massive surge in its value.

This has since been deleted from Milei's X account.

However, when the token's price collapsed shortly after, Milei distanced himself from the incident, claiming that he had not “promoted” the token but had merely “spread the word.”

Despite these claims, fraud lawsuits against Milei are still in progress, and the opposition party has called for his impeachment, though their efforts have not gained significant traction.

His explanations surrounding the scandal have done little to calm the public's fears.

Mixed Public Opinion Amid Controversy

While many polls paint a grim picture of Milei’s approval rating, not all data is so bleak.

A survey conducted by Morning Consult between 27 February and 5 March shows that Milei still maintained a relatively high approval rating of 62.4%, despite the ongoing scandal.

Despite his controversial involvement, President Javier Milei received higher approval compared to US President Donald Trump. (Source: Morning Consult)

This suggests that while the scandal has dented his image, Milei’s political support base remains strong among a section of the population.

However, as the election looms closer, doubts about Milei’s economic stewardship have surfaced.

Only 43% of Argentine respondents believe that the president has adequately controlled inflation, a central issue in his election campaign.

Furthermore, 63% of those polled are opposed to his attempts to secure another loan from the International Monetary Fund, a proposal that has sparked further controversy.

Election Ahead, But Trust is Waning

The upcoming Argentine election, scheduled for 26 October 2025, looms large over the political scene.

Despite the drop in public trust, Milei's La Libertad Avanza party remains the frontrunner, with 36.7% of the population indicating support for the libertarian party.

This puts them ahead of Unión por la Patria, who are trailing with 32.5%.

Milei’s party continues to hold a strong position, but the erosion of his personal approval rating could influence voter turnout and affect the final outcome.

Voters are increasingly questioning his ability to deliver on key issues like inflation and economic reform.

Milei’s Struggle for Credibility Continues

With the scandal and Milei's economic policies still developing, his public trust hangs in the balance.

His political future may well depend on whether he can restore public trust before the election.

Yet with mounting controversies, including accusations of fraud and poor management, his path forward is becoming increasingly uncertain.

Public Trust Can Change in a Flash

The tide of public opinion is notoriously fickle, especially when it comes to figures like Milei, who have already attracted significant controversy.

In the world of politics, today’s trust can easily turn into tomorrow’s disillusionment.

Milei may still lead the polls, but as the weight of his actions continues to resonate, voters will have to decide if his words can outweigh the mounting evidence against him.