Zuban Córdoba’s latest survey results show that Argentine President Javier Milei has lost much public trust after his controversial involvement in the LIBRA cryptocurrency scandal. From March 12 to 14, a survey reached 1,600 people, showing that public dissatisfaction with the current administration is increasing.

The study results demonstrate that 57.6% of participants currently distrust the libertarian leader with a statistical confidence of 95% and a 2.4% margin of error. The LIBRA cryptocurrency fiasco triggered substantial investor losses, which have led to this drastic reduction in public trust.

The Zuban Córdoba report reveals that negativity continues to rise at a steady pace without any visible limit. The evaluation of the government shows signs of consolidation as new problematic issues continue to appear on the political agenda. The recurring string of violent incidents stands as a defining characteristic of recent months. The evaluation highlights how public dissatisfaction with Milei’s administration continues to expand.

The crypto scandal led to a mere 36% of survey participants maintaining their trust in President Milei. An additional 6.4% of the population has yet to decide, which shows substantial uncertainty among citizens. Milei’s credibility, along with his public standing, suffered a significant setback because of these indicators.

A substantial portion of respondents report a negative perception of the president, as 58.5% hold unfavorable views towards him. Conversely, only 41.1% maintain a favorable opinion. The administration shows similar negative public sentiment since 58.4% of people disapprove of his management, but 41.6% maintain their support.

President Milei faced the LIBRA cryptocurrency scandal when he endorsed a new token via a deleted post on the social media platform X (formerly Twitter) on February 14. The cryptocurrency reached a market valuation of over $4 billion within hours before crashing more than 95% as initial investors and potential insiders quickly sold their stakes.

Nansen, a blockchain analytics company, revealed that automated trading bots, along with insiders, realized profits amounting to $180 million through the trading scheme. According to data, 86% of individuals who invested in LIBRA ended up losing a total of $251 million. The financial collapse resulted in thousands of investors who supported Milei experiencing catastrophic monetary losses.

As public discontent increased, Milei tried to detach himself from LIBRA by stating he just shared information about the project without promoting it. Milei’s explanation failed to reduce the public’s frustration or lessen legal investigations.

Multiple criminal complaints against Milei and linked individuals have emerged following the scandal, while federal authorities in Argentina have initiated an investigation to examine the president’s purported involvement. The ongoing legal consequences of the LIBRA scandal place additional strain on President Milei’s administration, which is already facing multiple challenges.

The La Libertad Avanza party, led by Milei, remains at the top of election polls despite the substantial harm to his public image and active legal investigations. 36.7% of voters support the party while the opposition coalition Unión por la Patria stands at 32.5%. Despite the scandal’s serious damage to Milei’s personal reputation, his political movement continues to function effectively.

Research results indicate that Milei confronts increasing difficulties in sustaining political support while his position remains unstable. The progression of the LIBRA investigation with emerging details continues to cast doubt on the president’s chances of restoring public trust. The approaching election represents a crucial moment for Milei to prove his political resilience and maintain his influence in Argentina.