Argentine President Javier Milei is facing mounting pressure as calls for impeachment and legal action emerge following a controversial cryptocurrency promotion. The situation has sparked debates over ethics, financial responsibility, and the role of political figures in digital investments.
A Social Media Post That Shook Investors
Milei took to X (formerly Twitter) to endorse the $LIBRA cryptocurrency, claiming it would empower small businesses and start-ups by providing new financial opportunities. He even shared a direct link to purchase the coin, triggering a surge in its price.
However, just hours later, the president deleted his post, and the cryptocurrency’s value took a steep dive, wiping out investments and leaving many buyers with significant losses. The abrupt deletion fueled speculation and frustration, leading to accusations of financial misconduct.
Legal and Political Fallout
The fallout has been swift. Opposition members in Congress are pushing for impeachment proceedings, arguing that Milei’s promotion of the coin influenced market activity irresponsibly. Meanwhile, legal experts have filed fraud complaints in Argentina’s criminal courts, alleging potential misconduct and market manipulation.
Critics point to a pattern seen in “rug pull” schemes—where a cryptocurrency is hyped by influential figures, encouraging buyers to invest, only for the price to collapse soon after. Some investors noted that the purchase link contained phrases associated with Milei’s speeches, raising further concerns about his involvement.
Government Response and Investigations
In response, Argentina’s presidential office stated that the decision to remove the post was made to prevent “unnecessary speculation.” Officials insist that Milei had no role in the cryptocurrency’s development and have directed the country’s Anti-Corruption Office to launch an inquiry into any potential wrongdoing, including by the president himself.
Legal expert Jonatan Baldiviezo, who helped file the fraud complaint, argued that the president’s involvement in the situation was critical to the losses suffered by investors.
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Political Rivals Seize the Moment
The controversy has provided a significant opportunity for Milei’s political opponents to challenge his leadership. Former President Cristina Fernández de Kirchner condemned the incident, branding him a “crypto scammer” in a widely viewed social media post. Meanwhile, Argentina’s primary opposition coalition has labeled the situation an “unprecedented scandal” and vowed to pursue impeachment proceedings.
Esteban Paulón, a leading opposition figure, echoed these sentiments, confirming plans to formally request an impeachment vote.
What’s Next for Milei?
While the government’s investigation aims to determine whether any ethical or legal violations occurred, public sentiment remains divided. Supporters argue that the cryptocurrency crash was beyond Milei’s control, while critics see it as a reckless act that highlights deeper issues of financial governance.
As the story unfolds, Argentina faces tough questions about leadership accountability in the digital age. Whether this incident results in actual impeachment or fades into a political battle remains to be seen, but it has undeniably left a lasting mark on Milei’s presidency.
