Argentina’s President Javier Milei is facing his first major scandal as president after promoting a cryptocurrency called Libra that led to thousands of people buying in and the price surging. The price skyrocketed from 21 cents to $5.54, only to collapse.
The controversy comes after Milei posted on social media in praise of Libra, saying it would fund “small companies and Argentine ventures”. Thousands took advantage of the promotion within an hour, resulting in a massive surge in price.
This is not the first time Milei has been involved in a scandalous move. The liberal reforms he implemented have also had unintended consequences, such as reducing prices for Argentina’s national drink by 30% compared to last year.
The incident highlights the challenges faced by Latin American countries in navigating the complexities of cryptocurrency and financial markets.
Source: https://www.economist.com/the-americas/2025/02/20/javier-mileis-crypto-misadventure