Argentina’s president faces backlash for endorsing cryptocurrency that crashed

ISTANBUL

Argentina’s opposition is calling for the removal of President Javier Milei after he endorsed a little-known cryptocurrency that spiked in value before crashing, leaving many investors with substantial losses, CNN reported.

Milei, known for his libertarian stance, shared a post on his social media account on Feb. 14, endorsing the $LIBRA coin.

“This private project will be dedicated to encouraging the growth of the Argentine economy,” Milei wrote on X.

Following the endorsement, the cryptocurrency’s value surged, only to collapse shortly afterward, causing major losses for investors.

Amid the backlash, Milei deleted the post, stating: “I was not aware of the details of the project, and after becoming informed, I decided not to continue spreading it.”

Opposition figures have accused Milei of promoting a scam and are calling for his removal.

However, sources close to the president have dismissed the possibility of impeachment. The presidency has since launched an investigation.

“President Javier Milei has decided to immediately involve the Anti-Corruption Office to determine whether there was improper conduct on the part of any national government member, including the president himself.”

Security Minister Patricia Bullrich defended Milei, stating that he has the right to express his views. “The president has the freedom of expression to raise the issues he wants.”