A Zuban Córdoba survey uncovered a rapid drop in confidence towards President Javier Milei amid Argentina’s shifting public opinion. The survey conducted between March 12 and 14 with 1,600 participants, shows a clear picture of increasing public disillusionment because of Milei’s involvement with the LIBRA cryptocurrency controversy.

1. Crypto Scandal Erupts: Milei’s Credibility Takes a Hit

The Zuban Córdoba survey, conducted with a 95% confidence level and a 2.4% margin of error, reports that 57.6% of Argentinians have lost trust in their libertarian leader. Investors faced substantial financial losses following the LIBRA cryptocurrency debacle, which triggered this immediate downturn. The Zuban Córdoba report paints a grim picture: Negative perception continues its gradual yet unceasing rise without any signs of stopping. The government faces a consolidated shift in public opinion as emerging political challenges continue to appear on the agenda. The recent months seem dominated by recurring bloodbaths. The statement captures the escalating public anxiety about Milei’s administration.

A mere 36% of respondents showed trust in Milei following the crypto scandal when surveyed. The 6.4% of undecided respondents demonstrated the large-scale uncertainty within the population. Milei’s reputation, along with his standing among the public, has suffered considerable damage. The public image of the individual suffered as 58.5% of respondents now view him negatively, while only 41.1% continue to have positive opinions about him. Public support for his administration has fallen sharply because 58.4% of people disapprove of his leadership, while only 41.6% continue to approve.

The LIBRA cryptocurrency scandal broke out on February 14th following Milei’s promotion of the new token on X (formerly Twitter), which resulted in a deleted social media post. The cryptocurrency’s market capitalization exceeded $4 billion within hours before plunging by more than 95% when early investors and supposed insiders quickly liquidated their positions. The blockchain analytics firm Nansen found that insiders and trading bots earned $180 million but the majority of LIBRA investors lost $251 million, as 86% faced financial losses. Thousands of investors who supported Milei encountered severe financial losses.

2. Public Outrage and Legal Scrutiny Confront Milei’s Defensive Response

Due to increasing public pressure, Milei tried to separate himself from the project by stating his role was limited to information sharing without any endorsement. The explanation provided by Milei failed to reduce public outrage or lessen legal scrutiny. Numerous criminal complaints have been filed against both Milei and related parties because of the scandal, which led Argentine authorities to start a federal investigation into the president’s possible wrongdoing. President Milei’s administration faces increased strain as the legal consequences of the LIBRA scandal progressively develop.

3. Election Prospects and Political Landscape: La Libertad Avanza Leads Despite Scandal

Milei’s La Libertad Avanza party maintains its lead in election polls despite enduring serious damage to its public reputation, along with active legal investigations as the October 26th vote approaches. La Libertad Avanza maintains 36.7% support in polls while the opposition coalition Unión por la Patria trails behind with 32.5%. Milei’s personal reputation has been badly damaged by the scandal, but it has not fully disrupted his political movement.

Poll results demonstrate how Milei’s political position remains unstable, along with the increasing difficulties of sustaining public support. The ongoing LIBRA scandal investigation reveals new information, which makes it unclear if the president will be able to restore public trust. The next election will determine if Milei can withstand political turbulence and maintain his influence in Argentina. The persistent legal examination alongside enduring party backing produces a complicated political environment that will attract careful observation during the next few months.