The latest survey results from Argentina show President Javier Milei facing a significant drop in public support as his libertarian leadership continues to draw intense backing alongside serious criticism. The Zuban Córdoba survey conducted over March 12 to 14 with 1,600 respondents showed a 57.6% distrust rate toward President Milei while maintaining a 95% confidence level and 2.4% error margin. The surge in public distrust towards President Milei emerged after his supposed involvement in the LIBRA cryptocurrency scandal, which led to significant investor losses.

The Zuban Córdoba report demonstrates an escalating disenchantment towards the current administration due to increasingly negative views each month. The negative sentiment continues to expand at a steady rate without clear upper limits. More problematic political issues continue to emerge, which strengthens the changing evaluation and tone of the government. The report described each recent period as dominated by successive bloodbaths, which underlined the population’s growing crisis awareness.

After the cryptocurrency scandal emerged, a mere 36% of respondents reported trusting Milei when surveyed more than a month later. The remaining undecided respondents constituted 6.4%, which meant that most people expressed distrust. Milei’s leadership faces serious damage to his credibility, which creates doubts about his ability to lead. His image in the public eye has deteriorated as 58.5% of respondents view him negatively, while 41.1% still hold a favorable view. The current standing of Milei’s administration shows similar patterns of public disapproval. The majority of survey participants, at 58.4%, reject his leadership, although 41.6% remain in favor. The statistics demonstrate an expanding gap among Argentinians about Milei’s leadership methods and political strategies.

LIBRA Scandal and Its Impact on Milei’s Credibility.

The LIBRA cryptocurrency scandal emerged on February 14, leading to decreased public trust. Milei made a promotional post about a new cryptocurrency on X (previously Twitter), which has been removed. The token’s market capitalization exceeded $4 billion within just a few hours. The token’s value took a nosedive of more than 95% after initial investors, as well as supposed insiders, rapidly sold their shares.

Nansen, a blockchain analytics firm, discovered that insiders and automated trading systems made $180 million while a majority of LIBRA investors incurred losses amounting to $251 million. Thousands of investors who supported Milei faced financial destruction due to the disastrous event.

Milei sought to separate himself from the LIBRA project by stating he only shared information without endorsing it. The public outrage and legal scrutiny persisted despite Milei’s explanation. Following the event, multiple criminal suits emerged against President Milei and related individuals while Argentine government authorities initiated a federal probe into the president’s role.

After suffering reputational damage, Milei’s La Libertad Avanza party still tops election polls just before the October 26 vote. The party holds 36.7% public support while the opposition coalition Unión por la Patria receives 32.5% support. The scandal has damaged Milei’s reputation and reduced public trust, but his political movement remains intact. Political relevance will be tested during the upcoming elections amid growing public distrust and legal difficulties.

This scenario reveals the unstable nature of Argentine public opinion while illustrating the difficult political environment that Milei must manage. His presidency’s future path, along with Argentine politics, will be influenced by how his economic decisions, public statements, and LIBRA scandal probes interact. The survey findings reveal a pivotal moment in Milei’s political journey by demonstrating how fragile public confidence remains while pointing to possible swift changes in political backing.