After Javier Milei's endorsement of a new cryptocurrency sparked a significant rise and fall in its value, he is now facing intense scrutiny and calls for investigation regarding potential misconduct.
Javier Milei Faces Backlash Over Cryptocurrency Venture That Went South
Javier Milei Faces Backlash Over Cryptocurrency Venture That Went South
Argentina's President Javier Milei promotes a crypto token that rapidly collapsed, leading to inquiries about his involvement.
Argentina’s president, Javier Milei, has ignited a political uproar following his promotion of a cryptocurrency token called $LIBRA. The coin, which Milei claimed could invigorate the economy and enhance support for small businesses, initially saw a surge in value shortly after his endorsement. However, panic soon set in among investors fearing it may be a scam, leading to a swift decline in its worth.
Milei published his endorsement on social media on Friday night. Shortly after witnessing the token's rise, he removed the post within five hours, asserting that he had not fully grasped the project’s intricacies. In an attempt to distance himself, he stated, “I decided not to continue disseminating it (that is why I deleted the tweet).”
As speculation mounted, he issued a follow-up post from his official presidential account on Saturday night, characterizing the earlier endorsement as a standard business promotion. Furthermore, the president announced the initiation of an investigation to determine if any inappropriate actions were taken by individuals within his administration, including himself, and whether any legal violations were committed by those involved in the crypto project.
Critics have condemned Milei’s actions as reckless, accusing him of directing citizens toward an unsafe investment. Comparisons have arisen with former President Trump, who had recently promoted a differing memecoin, $Trump, which similarly skyrocketed before crashing.
A center-left opposition coalition labeled Milei's foray into cryptocurrency as “unprecedented scandal,” prompting one political faction to propose a congressional commission to probe the incident thoroughly. As the controversy unfolds, public trust in Milei’s leadership hangs in the balance amid this strident political episode.
