A recent Zuban Córdoba public opinion poll shows that President Javier Milei’s reputation has suffered a steep decline due to his ties to the controversial LIBRA cryptocurrency situation. A survey carried out from March 12th to 14th collected feedback from 1,600 participants, which showed growing public discontent towards the existing government.

1. Cryptocurrency Debacle Erodes Public Trust in Milei

According to the survey, with a 95% confidence level and a 2.4% margin of error, a large portion of respondents, at 57.6%, express skepticism toward the libertarian leader. The LIBRA cryptocurrency fiasco that caused substantial financial damage to numerous investors led to a major decline in public trust in Milei. The Zuban Córdoba report articulates a bleak outlook: Negativity continues to rise steadily without showing signs of stopping. Shifts in public opinion toward government assessment are becoming established as political conversation centers increasingly on pressing issues. Recent months have seen numerous crises build up in severity. The analysis illustrates mounting public concern about Milei’s leadership.

Following the cryptocurrency controversy, only 36% of survey participants indicated they trusted Milei. A significant 6.4% of respondents were unable to make a decision, which demonstrates considerable public ambiguity. The data shows that Milei’s reputation and public image have suffered a significant blow. The majority of respondents now view Milei negatively, with a 58.5% negative perception rating compared to 41.1% who still have positive views. Public support for his administration declined sharply as 58.4% of people disapproved of his leadership while only 41.6% approved.

On February 14th, the LIBRA crypto controversy began when Milei advertised a new token on X (which was previously Twitter) through a post now removed from the platform. The cryptocurrency achieved a market cap of more than $4 billion within a short period before suffering an over 95% collapse when initial investors and suspected insiders quickly sold off their stakes. According to blockchain analytics firm Nansen, insiders and trading bots made $180 million in profits while 86% of LIBRA investors suffered combined losses of $251 million. Thousands of investors who supported Milei encountered devastating financial losses.

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

Milei sought to separate himself from the project amidst rising public anger by claiming he only shared information without providing approval. Milei’s explanation failed to calm the public’s anger or reduce legal scrutiny. The unfolding scandal led to multiple legal complaints targeting Milei and his associates, while the Argentine government launched a federal investigation into the president’s supposed misconduct. Ongoing legal repercussions from the LIBRA scandal place more pressure on Milei’s struggling government.

The La Libertad Avanza party, led by Milei, remains ahead in the election polls despite his tarnished public image and active legal investigations. The La Libertad Avanza party maintains 36.7% support in comparison to the opposition coalition Unión por la Patria, which has 32.5%. The scandal has damaged Milei’s personal reputation extensively, yet his political movement remains unaffected by this damage.

According to the survey results, Milei’s position in politics remains unstable as he encounters growing difficulties in maintaining the trust of the public. The president faces an uncertain ability to rebuild public trust as the LIBRA scandal investigation continues to reveal more information. The forthcoming election will determine if Milei can successfully manage the crisis and maintain his political power in Argentina. The simultaneous presence of legal investigations and continued political backing creates a complicated political environment that observers will watch closely in the upcoming months.