Argentine President Javier Milei is facing criticism for promoting an unknown cryptocurrency token called $LIBRA on social media, which subsequently shot up in value before plummeting. The coin’s price soared after Mr. Milei’s endorsement, but fear and skepticism spread quickly, erasing the gains.
In a post on his personal social media account, Mr. Milei initially promoted $LIBRA as an economic stimulus tool that would help small businesses grow and create jobs. However, he later deleted the post and claimed to have had no prior involvement with the coin’s development.
Mr. Milei’s government has since launched investigations into whether any laws were broken during his promotion of the coin. Critics accuse him of pushing people towards a risky investment, drawing comparisons with former US President Donald Trump’s own cryptocurrency venture.
The controversy has sparked outrage among opposition parties and experts, who say that Mr. Milei’s actions have cost thousands of Argentine citizens millions of dollars. The incident has further strained relations between Mr. Milei’s government and the international community, following recent moves to withdraw from international organizations such as the World Health Organization and the Paris climate accord.
Source: https://www.nytimes.com/2025/02/15/world/americas/argentina-milei-crypto-trump.html