Argentina’s leftist is calling for the impeachment of President Javier Milei after he promoted a little-known cryptocurrency that quickly plummeted in value.
The controversy began on Friday evening when Milei posted on X, endorsing a cryptocurrency called $LIBRA, claiming it would help boost Argentina’s economy by funding small businesses and startups. His post sparked a surge in the token’s value, briefly pushing it to $5 per coin.
In his now-deleted post, Milei expressed optimism about the role of $LIBRA in Argentina’s economic growth. “Liberal Argentina is growing,” he wrote. “The world wants to invest in Argentina.”
However, the excitement was short-lived. Just hours after his endorsement, the coin’s value crashed, losing 80 percent of its worth. Investors who had jumped in based on Milei’s words faced heavy losses.
Amid backlash, Milei removed the post and issued a statement clarifying his position, insisting that he had no direct connection to the cryptocurrency project.
“A few hours ago, I posted a tweet, as I’ve done countless other times, supporting what I believed to be a private venture with which I obviously have no connection whatsoever,” Milei wrote. “I wasn’t aware of the details of the project, and after learning more, I decided to stop promoting it, which is why I’ve deleted the tweet.”
Milei also lashed out at his political opponents, accusing them of exploiting the situation for political gain.
“To the filthy rats of the political establishment who want to take advantage of this situation to cause harm, I want to say that every day you confirm just how despicable politicians are, and you only strengthen our resolve to kick you out on your asses,” he added.
Despite Milei’s defense, opposition lawmakers are seizing on the incident to demand his removal from office. Leandro Santoro, a leading opposition figure, denounced the scandal, arguing that it had brought international embarrassment to Argentina.
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” Santoro declared.
Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.
— Javier Milei (@JMilei) February 15, 2025
No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…
The push for impeachment, however, faces an uphill battle. Milei’s administration remains popular among many Argentinians, particularly those who support his economic reforms.
Since taking office in late 2023, Milei has pursued a radical libertarian agenda, implementing aggressive austerity measures aimed at stabilizing Argentina’s troubled economy. His government has slashed public spending and taken bold steps to curb inflation, a long-standing crisis in the country.
His policies appear to be yielding results—Argentina’s inflation rate has dropped to its lowest level in four years. While critics argue that his economic policies disproportionately impact lower-income citizens, supporters credit him with restoring financial discipline and attracting investment.
Public opinion polls reflect Milei’s enduring appeal. A December survey ranked him as the most popular head of state in South America, boasting an approval rating of 51.8 percent.
Despite the impeachment calls, Milei’s core supporters see the cryptocurrency incident as a minor misstep rather than a major scandal. Whether the opposition can successfully use this controversy to weaken his presidency remains to be seen.