President Javier Milei’s connection to the hotly debated LIBRA cryptocurrency affair has resulted in a significant loss of public confidence, according to Zuban Córdoba’s recent polling data. A survey spanning March 12th to 14th collected input from 1,600 people, which showed growing public discontent with the current government.

1. Cryptocurrency Debacle Erodes Public Trust in Milei

Respondent skepticism toward the libertarian leader reached 57.6% according to the survey, which maintains a 95% confidence level with a 2.4% margin of error. The LIBRA cryptocurrency disaster, which caused substantial financial damages to many investors, triggered this major decline in public trust. The Zuban Córdoba report articulates a bleak outlook: The increasing negativity demonstrates a steadfast pattern that remains unchanged. The shift in public perception, together with government evaluation, is becoming more pronounced because critical issues now control political discussions. The recent months have witnessed an ongoing pattern of growing crises. The analysis highlights increasing public discontent with Milei’s leadership.

A mere 36% of survey participants reported having confidence in Milei after the cryptocurrency controversy emerged. The data shows that 6.4% of respondents did not make a decision, which demonstrates significant public indecisiveness. These numbers reveal a significant loss to Milei’s credibility and public reputation. A majority of 58.5% of people surveyed hold unfavorable opinions of him, while only 41.1% express positive views. The public disapproval of his administration rose to 58.4% while a smaller portion of 41.6% continued to support his leadership.

On February 14th, the LIBRA cryptocurrency scandal began when Milei announced the launch of the new token through a deleted post on X (formerly Twitter). The cryptocurrency experienced a market capitalization surge above $4 billion within hours before collapsing by over 95% due to the immediate liquidation of holdings by early investors and suspected insiders. According to the blockchain analytics firm Nansen, insiders and automated trading algorithms profited $180 million while 86% of LIBRA investors suffered total losses of $251 million. Thousands of investors who supported Milei encountered severe financial losses from the incident.

2. Intensified Legal Scrutiny and Public Discontent: Milei’s Defense Questioned

Facing increasing public disapproval, Milei sought to separate his identity from the project by claiming he only shared information without giving any endorsement. This explanation failed to calm public anger and reduce legal scrutiny. The scandal has led to multiple legal complaints against Milei and his associates, while authorities in Argentina have started a federal investigation into the president’s suspected involvement. Milei’s administration faces additional strain as the legal repercussions of the LIBRA scandal keep developing.

La Libertad Avanza, led by Milei, maintains its position atop election polls despite facing major public image damage and active legal investigations as he approaches the October 26th vote. The party holds a 36.7% support rate while Unión por la Patria maintains 32.5%. Milei’s political momentum remains intact despite the scandal, causing severe damage to his personal credibility.

The survey results reveal how fragile Milei’s political position is and the growing difficulties he faces in maintaining the trust of the public. The president’s ability to regain public trust remains undetermined as new findings continue to surface during the LIBRA scandal investigation. The upcoming election will act as the decisive challenge that will reveal whether Milei can manage the current crisis while maintaining his political stature in Argentina. As legal investigations continue alongside party backing, presidential support creates an intricate political environment that analysts will observe closely in the months ahead.