The public trust in President Javier Milei has diminished significantly, according to the Zuban Córdoba survey, due to his role in the LIBRA cryptocurrency controversy. The survey conducted from March 12 to 14 with 1,600 participants indicates rising public discontent with President Javier Milei’s government.

1. Crypto Fiasco Undermines Milei’s Public Standing

According to the survey results, with a 95% confidence level and a 2.4% margin of error, 57.6% of respondents expressed distrust in the libertarian leader. The public confidence decline originates from the LIBRA cryptocurrency’s failure, which led to considerable investor financial losses. The Zuban Córdoba report articulates a bleak outlook: The upward trend in negative sentiment shows no signs of stopping. The public sentiment and government evaluation are becoming more entrenched due to the dominance of critical political issues. The preceding months unfolded as a series of developing crises. The evaluation shows growing public discomfort regarding Milei’s leadership.

Research demonstrated that just 36% of people surveyed maintained trust in Milei after the cryptocurrency controversy was addressed. The 6.4% of undecided respondents demonstrated substantial public uncertainty. Milei’s reputation and standing with the public have suffered substantial damage, as indicated by these statistics. The majority of survey participants view Milei unfavorably, with 58.5% expressing negative opinions, while 41.1% retain positive views. Public support for his administration has declined, evidenced by 58.4% of respondents disapproving of his leadership while only 41.6% remain supportive.

The LIBRA cryptocurrency became embroiled in a scandal on February 14 when Milei endorsed the new token on X (formerly Twitter) but later deleted his post. The cryptocurrency reached over $4 billion in market capitalization within hours before losing more than 95% of its value when early investors and suspected insiders quickly sold their assets. According to blockchain analytics firm Nansen, insiders and trading bots made profits totaling $180 million, as 86% of LIBRA investors faced combined losses of $251 million. Thousands of investors who supported Milei experienced devastating financial setbacks.

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

Facing public outrage, Milei tried to separate himself from the project by stating that his role was only to distribute information without supporting it. Despite providing an explanation, Milei’s response remains ineffective at reducing public anger and legal scrutiny. The scandal has instigated multiple legal actions against Milei and his associates while federal investigators in Argentina examine his possible role in the controversy. The LIBRA scandal’s legal consequences keep developing while adding more strain to President Milei’s struggling government.

3. Election Prospects and Political Dynamics: La Libertad Avanza Leads Amidst Scandalous Backdrop

Milei’s La Libertad Avanza party stays ahead in election polls before October 26 despite serious public image damage and continuing legal investigations. La Libertad Avanza maintains 36.7% public support while the opposition coalition Unión por la Patria stands at 32.5%. The scandal has damaged Milei’s personal reputation extensively, but has failed to fully stop his political progress.

The research results highlight Milei’s unstable political position and his growing difficulty in maintaining public faith. The president’s ability to regain public trust remains unpredictable as the LIBRA scandal investigation continues to reveal new information. The forthcoming election will determine Milei’s ability to handle the current crisis while maintaining his political influence in Argentina. The combination of continuous legal investigations and maintained political party backing creates a complicated political situation that will require attention over the next period.