Recent polling in Argentina shows President Javier Milei’s public support has dropped sharply despite his libertarian ideology, which attracted both strong support and significant controversy. Zuban Córdoba executed a survey from March 12 to 14 involving 1,600 participants that produced results showing 57.6% of Argentinians distrust their president with a 95% confidence level and 2.4% margin of error. The turbulent LIBRA cryptocurrency scandal that allegedly involved Milei and caused major financial losses for investors directly preceded this significant change in public opinion.

According to the Zuban Córdoba report, the current administration faces increasing disillusionment, with public opinion becoming more negative each month. Negative perceptions increase at a steady rate without any visible limit. As more critical matters gain political attention, the public’s judgment towards the government solidifies alongside its evolving tone. The report described the recent months as a sequence of bloodbaths, which demonstrates the population’s growing crisis perception.

Over thirty-six percent of respondents indicated trust in Milei after more than a month from the cryptocurrency scandal’s emergence. The undecided segment of the population reached 6.4%, which resulted in the majority expressing distrust. The event has critically damaged Milei’s reputation and has brought his leadership into question. The public perception of him has declined, as 58.5% of respondents now view him negatively, while only 41.1% still hold positive opinions. The public approval ratings of Milei’s administration reflect this widespread negative sentiment. Survey results show that 58.4% of participants express dissatisfaction with his management practices, while 41.6% still back him. The data highlights the expanding societal division in Argentina about Milei’s policies and leadership approach.

LIBRA Scandal and Its Impact on Milei’s Credibility

The LIBRA cryptocurrency scandal that caused the drop in public trust broke out on February 14. A tweet from Milei that has since been deleted from X (formerly Twitter) promoted the launch of a new cryptocurrency. The token reached a market capitalization above $4 billion within just a few hours. The token experienced a rapid ascent before losing over 95% of its value when early investors and alleged insiders dumped their holdings.

Nansen’s blockchain analytics revealed that insiders and bots gained $180 million while LIBRA investors incurred $251 million in losses, with 86% experiencing financial damage. The financial catastrophe forced thousands of investors who supported Milei to endure the severe consequences.

Milei tried to protect himself from the scandal by stating that he only shared details about LIBRA without supporting it. The explanation provided failed to calm public anger or legal investigations. Various criminal charges against Milei and his associates emerged after the event, which prompted Argentine authorities to start a federal investigation into the president’s activities.

In spite of the negative impact on his reputation, Milei’s La Libertad Avanza party still leads election polls before the October 26 vote. La Libertad Avanza leads with 36.7% voter support while Unión por la Patria trails at 32.5%. The scandal has clearly damaged Milei’s reputation and weakened public faith, but failed to fully destroy his political movement. The forthcoming elections will measure his political endurance while he faces growing public skepticism and legal obstacles.

The current scenario demonstrates how unstable Argentine public opinion remains while showing the numerous obstacles Milei must overcome as he moves through Argentina’s complicated political terrain. The direction of Milei’s presidency, along with the future political landscape in Argentina, depends heavily on how his economic decisions intertwine with his public statements and the LIBRA scandal investigations. The survey data reveals a pivotal moment in Milei’s political journey by demonstrating how public trust remains fragile while political backing can change quickly.