Argentina’s President Milei Speaks Out After LIBRA Crypto Scandal

Argentine President Javier Milei has finally addressed the LIBRA token controversy, following his social media post promoting the crypto project, which later collapsed, affecting thousands of investors.

Milei acknowledged that his endorsement may have influenced people to invest, but maintained that he only shared information about LIBRA’s goal of financing Argentine entrepreneurs who lacked access to traditional banking. However, after posting, he noticed the project was drawing negative attention.

Milei’s Explanation for Deleting His LIBRA Post

In an interview with TN, Milei explained why he deleted the post, a rare move for him. He admitted that as backlash grew, he decided to take it down.

“A whole series of negative comments started to appear, and in doubt, I decided to take down the tweet. I never delete tweets. But in that context, as noise was being generated, I said, ‘I’m leaving, I have to run.’”

The interview was repeatedly interrupted by Santiago Caputo, his political aide, further fueling speculation about the incident.

Disputing the Number of Affected Investors

Milei dismissed reports claiming that 44,000 investors lost money in the LIBRA collapse. He argued that many of these were bot accounts, estimating that only 5,000 real individuals were affected. He also downplayed the likelihood that Argentine citizens were involved.

“They knew very well the risk they were taking. If you go to the casino and lose money, it’s your problem,” Milei stated, referring to investors as “volatility operators” who understood the market’s risks.

Denial of Endorsement and Call for Investigation

The president denied officially endorsing LIBRA, stating that he shared it out of enthusiasm for technology and Argentina’s potential as a tech hub. However, he acknowledged that the controversy has taught him a lesson about implementing stricter filters on information he shares.

Milei also called for an investigation into his administration to clear any accusations of wrongdoing.

“This is the first time anyone has asked for an investigation. Davis himself says that I was not going to take anything. I have full confidence in my officials. Nobody paid me to share it,” he concluded.

Conclusion: Will This Controversy Impact Milei’s Presidency?

While Milei attempts to distance himself from LIBRA’s collapse, critics argue that his public endorsement influenced many investors. With legal action already underway, will this crypto scandal further impact his political standing?