Argentine President Javier Milei is facing a sharp drop in public trust following his controversial connection to the LIBRA memecoin collapse.

A national poll measuring trust in Milei following the LIBRA scandal showed that 57.6% of Argentinians no longer trust the president, while 36% remain supportive and 6.4% are undecided.

This suggests that nearly six in ten Argentinians have lost confidence in their leader — a sign of growing disillusionment with the administration’s handling of the country’s economy and security.

The poll was conducted by Zuban Córdoba between March 12 and March 14 and polled 1,600 Argentinians.

LIBRA memecoin scandal

Milei’s credibility began to unravel after he publicly backed LIBRA, a memecoin that saw its market cap explode to over $4 billion in hours.

However, the price soon plummeted by over 99%, wiping out investor funds almost overnight.

Although Milei has since attempted to distance himself from the debacle, claiming he acted with good intentions, blockchain investigations suggest otherwise.

On-chain analysts found that several insiders with significant holdings in LIBRA sold off more than $100 million shortly after his post, fueling accusations of a coordinated pump-and-dump scheme.

The controversy has since morphed into a national issue. Law enforcement agencies are now gathering evidence, including digital transaction data and promotional content associated with the failed coin.

The authorities are also working to freeze assets tied to the project’s developers. Meanwhile, Interpol has been asked to issue a Red Notice for Hayden Davis, a crypto entrepreneur allegedly tied to LIBRA’s creation and collapse.

Milei’s public image

The damage to Milei’s administration goes beyond one token, as public dissatisfaction has been climbing steadily since the beginning of the year.

The March poll highlights a shift in sentiment, describing a clear trend of growing negativity around Milei’s leadership. Currently, 58% of citizens disapprove of his presidency, and this number continues to rise.

At the core of this discontent is Argentina’s battered economy. Nearly two-thirds of respondents hold a negative view of the IMF and oppose any new loans. Despite the government’s attempts to frame international agreements as progress, the public isn’t convinced.

Insecurity adds another layer of frustration. Half of Argentinians believe the government has done little to improve public safety. In large urban areas, over 50% report feeling unsafe, and many say the situation has worsened under Milei’s watch.

While Milei’s approval rating still hovers at 41.6%, analysts warn that governability could become a serious concern if support drops below 40%.

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