Recent findings from Zuban Córdoba show that public trust in President Javier Milei has plummeted, marking a significant change in Argentina’s public opinion. The March 12-14 survey of 1,600 participants shows increasing public disillusionment that connects directly to President Milei’s role in the LIBRA cryptocurrency scandal.

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

Survey results show that 57.6% of Argentinians distrust libertarian leader President Javier Milei based on a 95% confidence level with a 2.4% margin of error. The LIBRA cryptocurrency scandal, which caused major financial losses for investors, triggered this sudden decline. The Zuban Córdoba report paints a grim picture: The negative sentiment continues to expand at a slow yet consistent pace without showing any signs of stopping. As the political agenda becomes burdened with more problematic issues, the public evaluation of the government undergoes a significant change in tone. The pattern of consecutive catastrophes marks the narrative of recent months. The statement makes clear that public concern about Milei’s administration continues to grow.

Milei’s trust rating dropped to 36% among respondents after the crypto scandal occurred. The decision-making of 6.4% of the surveyed population remains unresolved, demonstrating widespread uncertainty. Milei’s public reputation and trustworthiness suffered a major setback. The majority of respondents now view Milei negatively, as shown by 58.5% recording unfavorable perceptions versus 41.1% who continue to view him positively. Public support for his administration has fallen drastically, as current approval stands at 41.6% while disapproval reaches 58.4%.

The LIBRA cryptocurrency scandal surfaced on February 14th when Milei advertised the new digital asset on X (formerly Twitter) through a post that was subsequently removed. The cryptocurrency attained a market capitalization above $4 billion within hours before losing 95% of its value due to early investors and suspected insiders quickly selling their shares. According to Nansen’s blockchain analysis, insider traders and automated bots earned $180 million while 86% of LIBRA investors lost a total of $251 million. Thousands of investors who supported Milei faced devastating financial losses as a result of the cryptocurrency collapse.

2. Legal Scrutiny and Public Outrage: Milei’s Response Under Fire

The growing public outcry led Milei to position himself as detached from the project by asserting that his role was limited to information dissemination without any endorsement. Despite Milei’s explanation, his words failed to reduce public anger and diminish legal scrutiny. Argentine authorities have initiated a federal investigation into the president’s alleged involvement, while numerous criminal complaints have been filed against Milei and his associates. The ongoing legal repercussions from the LIBRA scandal continue to strain Milei’s administration, which is already facing multiple challenges.

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

Although legal inquiries and reputational damage persist, Milei’s La Libertad Avanza party maintains its lead position in pre-election polling before the October 26th vote. According to the latest polls, La Libertad Avanza has 36.7% support while Unión por la Patria trails with 32.5%. The scandal has significantly damaged Milei’s personal trustworthiness, but his political movement continues to move forward without being completely stopped.

The collected survey data demonstrates Milei’s unstable political position while highlighting his increasing struggle to preserve public trust. New developments from the LIBRA scandal investigation continue to cast doubt on the president’s potential to restore public trust. The forthcoming election will determine Milei’s ability to remain politically influential in Argentina while facing intense scrutiny. The complex political situation resulting from legal scrutiny and party backing will generate significant observation for months to come.