According to a recent survey in Argentina, President Javier Milei experienced a significant loss of public support while his libertarian political journey continued to generate both strong backing and intense opposition. The Zuban Córdoba survey conducted between March 12 and 14 with 1,600 participants reveals that 57.6% of Argentinians distrust their president based on a 95% confidence level and 2.4% margin of error. The LIBRA cryptocurrency scandal which Milei was allegedly involved, led to mass financial losses among investors, which directly preceded the dramatic public sentiment shift.

The Zuban Córdoba report depicts increasing disenchantment towards the current administration as negative opinions continue to escalate every month. The negative sentiment continues to rise at a slow and steady rate without any foreseeable limit. Government evaluations are becoming more negative as political problems continue to accumulate. The report described the recent months as a string of bloodbaths that reflect the growing feelings of crisis among the population.

After more than one month since the cryptocurrency scandal emerged, respondents indicated they held trust in Milei at only 36%. The undecided group made up 6.4% of the total, which meant that distrust dominated among the majority. These revelations have seriously damaged Milei’s credibility and now overshadow his leadership abilities. A negative perception of him now exists among 58.5% of respondents, while 41.1% continue to hold favorable opinions about him. The negative sentiment from the public matches their approval rating of Milei’s administration. Most respondents express disapproval of his governance at 58.4%, but 41.6% persist in their support for him. The provided statistics demonstrate the widening split among Argentine citizens about Milei’s political actions and leadership.

LIBRA Scandal and Its Impact on Milei’s Credibility

Public trust deteriorated following the LIBRA cryptocurrency scandal that surfaced on February 14. Milei promoted a new cryptocurrency through his now-deleted X (formerly Twitter) post. The token experienced an immediate market capitalization increase beyond $4 billion within hours. The token’s value dropped by more than 95% after early investors and alleged insiders sold their shares following a brief period of rapid growth.

Nansen’s blockchain analytics revealed that insiders and bots profited $180 million while 86% of LIBRA investors lost $251 million. Thousands of investors who supported Milei suffered severe financial losses during this devastation.

Milei tried to separate himself from LIBRA by stating he only shared details about the project without supporting it. The public continued to express outrage, and legal scrutiny remained strong despite Milei’s explanation. Following the event, Argentine authorities initiated a federal investigation into President Milei and launched multiple criminal cases against him and related parties.

Milei’s La Libertad Avanza party maintains its top position in election polls leading up to the October 26 vote despite the damage to his reputation. The political party holds a support rate of 36.7%, which stands above the 32.5% support rate for the opposition coalition Unión por la Patria. Despite the scandal damaging Milei’s reputation and reducing public trust in him, his political movement remains intact. The coming elections will be a decisive measure of his political staying power amid growing public skepticism and judicial proceedings.

The situation highlights both the unpredictable public sentiment in Argentina and the political obstacles Milei must overcome while maneuvering through the country’s intricate political system. His economic policies combined with his public statements alongside the LIBRA scandal investigations, will determine his presidency’s path and Argentina’s political future. The survey findings reveal a decisive moment in Milei’s political journey while showing how public confidence remains fragile, with possibilities for swift changes in voter backing.