The latest public opinion research shows that confidence in President Javier Milei has significantly declined, pointing to difficult times ahead for the libertarian leader. A Zuban Córdoba poll conducted from March 12 to 14 surveyed 1,600 respondents at a 95% confidence level with a 2.4% margin of error and discovered that 57.6% of Argentinians distrust Milei. The LIBRA cryptocurrency scandal, which caused numerous investors to sustain major financial losses, preceded this substantial change in public opinion.

A progressive loss of faith toward the Milei administration emerges from the survey results. The negative sentiment against Milei is developing at a constant rate without any present upper limit. The government evaluation and tone shift become more established when additional political issues arise. The Zuban Córdoba report described the past months as a series of bloodbaths that illustrate the increasing crisis sentiment among citizens.

After the cryptocurrency scandal emerged more than a month ago, only 36% of responses indicated trust in Milei. With 6.4% of respondents undecided a clear majority demonstrated their distrust towards Milei. The incident damages Milei’s reputation while undermining his leadership position. The percentage of respondents who have developed a negative view of him stands at 58.5%, while 41.1% continue to view him positively. 58.4% of respondents show disapproval towards Milei’s administration, while 41.6% express support. The statistics highlight the increasing split within Argentine society about Milei’s leadership and policy decisions.

LIBRA Cryptocurrency Scandal: A Catalyst for Public Distrust

The LIBRA cryptocurrency scandal that caused this loss of public trust started on February 14. He promoted a new cryptocurrency in a post that he later removed from X (formerly Twitter). The cryptocurrency token reached a market capitalization of over $4 billion within a few hours. Early investors and supposed insiders sold their token holdings, which triggered a more than 95% drop in value after a brief period of rapid growth.

Blockchain analytics company Nansen found that insiders and bots earned $180 million while 86 percent of LIBRA investors lost $251 million. Thousands of investors who supported Milei experienced financial devastation when they were hit hard by the impact.

Milei tried to separate himself from LIBRA’s scandal by explaining that he only provided information about the project without any intention to support it. The explanation provided by Milei failed to significantly reduce public outrage or legal investigations. After the event unfolded, Argentine authorities began a federal investigation focusing on the president while multiple criminal complaints targeted Milei and his connected individuals.

Milei’s Political Future and the Upcoming Elections: Navigating Troubled Waters

Milei’s La Libertad Avanza party remains in the lead position in election polls despite damage to his reputation as the October 26 vote approaches. La Libertad Avanza holds a 36.7% support rate which surpasses the 32.5% backing for the opposing coalition Unión por la Patria. The scandal has severely damaged Milei’s image and diminished public confidence, but has failed to destroy his political initiative completely. The forthcoming elections will prove decisive for his capability to sustain political relevance amid rising public distrust and legal disputes.

The current political environment demonstrates how unpredictable Argentine public opinion remains while highlighting the numerous obstacles Milei faces while steering through the nation’s political system. His economic policies, combined with his public statements and continuing LIBRA scandal investigations, will determine the direction of his presidency as well as the future of Argentina’s political system. The survey findings mark a decisive point in Milei’s political journey while demonstrating how unstable public confidence remains and how quickly political backing can change. Milei’s ability to rebuild trust with the Argentine population during the next few months will be instrumental in establishing the direction of his political career.