Argentine President Javier Milei sparked controversy by endorsing the cryptocurrency $LIBRA, claiming it would boost the economy and support small businesses. The token briefly surged in value before crashing amid fears of a scam.
Five hours after his post, Milei deleted it, stating he had been unaware of the project’s details. Later, he announced an investigation into whether any wrongdoing had occurred, including within his government. Critics accused him of recklessly promoting a risky investment, with opposition leaders calling it an unprecedented scandal and demanding a congressional inquiry.
The incident drew comparisons to former U.S. President Donald Trump, who recently launched a memecoin that followed a similar boom-and-bust pattern. Former Argentine President Cristina Fernández de Kirchner claimed that many investors lost millions while a select few profited from privileged information.
Milei’s endorsement of $LIBRA aligns with other moves mirroring Trump, including withdrawing Argentina from the World Health Organization and reconsidering the Paris climate accord. His post linked the coin to his political ideology, branding it a tool for economic growth. However, a warning on X soon flagged $LIBRA as a potential scam, cautioning users against investing.
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