Milei Under Fire as Crypto Coin Plummets

Argentine President’s Crypto Tweet Causes Chaos

Argentina’s president, Javier Milei, stirred up big trouble. He talked about a new cryptocurrency online. This digital coin’s value suddenly jumped way up. Then, just as quickly, it crashed down. His social media post created a real political storm.

Crypto Coin’s Skyrocket and Plunge

On Friday night, Milei tweeted on X. He mentioned a coin called $LIBRA. He claimed it would boost Argentina’s economy. Also, he said it would help small businesses grow. This presidential shout-out made the coin popular fast. However, the excitement did not last. Soon, people feared it was a scam. Quickly, the price gains vanished.

President Backtracks and Promises Probe

Milei deleted his tweet after only five hours. This post was on his personal account. He tried to distance himself from the crypto project. "I didn’t know all the details," he admitted. "After learning more, I decided to stop promoting it." Later, he explained his actions again. This time, it was on the official presidential account. He called it a "routine business promotion". Furthermore, he announced investigations. These would check if anyone in his government acted wrongly. Even he himself would be investigated.

Political Firestorm Erupts

The president’s crypto promotion sparked strong reactions. A center-left group criticized Milei sharply. They called it an "unprecedented scandal." Another political group wants answers. They are pushing for a Congress commission. This commission would investigate the whole situation. Former President Cristina Fernandez de Kirchner also spoke out. She said people lost millions. Some, she claimed, made fortunes unfairly.

Echoes of Trump and Controversial Moves

Milei’s crypto move is part of a pattern. He has made similar choices to Trump. He recently pulled Argentina out of the WHO. His team is also thinking about leaving the Paris climate agreement. His endorsement of $LIBRA adds to this list.

$LIBRA’s Promise and a Warning Sign

In his first tweet, Milei praised $LIBRA. Its name is similar to his political party’s name. He said it would grow Argentina’s economy. It would fund small companies and new businesses. However, a warning appeared on X soon after. A "community note" advised caution. It suggested users "verify the project." The note pointed to "rug pull" behavior.

Investor Loses Money Fast

What is a "rug pull"? It is a crypto scam. Creators make a coin, attract investors. Then, they disappear with all the money. Agustin Pantano, a lawyer and Milei fan, invested in $LIBRA. He trusted the president’s post. He hoped to make quick money. He put in $150. By 1 AM, he checked his phone. He had lost about 90% of his investment.