Findings from Zuban Córdoba’s latest survey indicate President Javier Milei faces diminished public trust following his engagement with the contentious LIBRA cryptocurrency project. Results from a survey conducted from March 12 to 14 with 1,600 participants demonstrate increasing public discontent towards the governing administration.

1. Crypto Fiasco Undermines Milei’s Public Standing

The research demonstrates that 57.6% of respondents display distrust towards the libertarian leader with a 95% confidence level and a 2.4% margin of error. The LIBRA cryptocurrency disaster, which caused substantial investor losses, triggered the substantial erosion of public trust. The Zuban Córdoba report articulates a bleak outlook: The increasing negativity demonstrates a continuous and relentless pattern. As political priority issues increase their dominance, public opinion and government assessments continue to converge towards a unified perspective. For several recent months, crises have built upon each other to create an ongoing pattern of escalation. The current evaluation reveals increasing public concern about Milei’s leadership.

A survey showed that just 36% of people trusted Milei after the cryptocurrency controversy occurred. The 6.4% of respondents who chose not to state a position demonstrated significant public doubt. Milei’s credibility, along with his public reputation, suffered a significant blow due to these statistics. A majority of 58.5% of respondents now view him negatively, while 41.1% continue to have a positive perception. A majority of 58.4% now disapprove of his administration, while 41.6% maintain their support.

The scandal concerning LIBRA cryptocurrency broke out on February 14 after Milei endorsed the token launch through his X (formerly Twitter) post, which has since been removed. The cryptocurrency reached a market capitalization beyond $4 billion within several hours before it plummeted over 95% as early investors, alongside alleged insiders, quickly sold their shares. The blockchain analytics firm Nansen found that insiders and automated trading bots earned $180 million in profits while 86% of LIBRA investors together lost $251 million. Thousands of investors, including supporters of Milei, suffered severe financial losses.

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

Facing mounting public outrage, Milei claimed he simply shared information about the project without providing any endorsement for it. The explanation produced no significant effects in calming public anger or reducing legal examination. Multiple legal complaints have been filed against Milei and his associates, while Argentine authorities launched a federal investigation into allegations about the president’s participation. The LIBRA scandal generates ongoing legal consequences, which increase the stress on President Milei’s administration, already facing numerous challenges.

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

The La Libertad Avanza party maintains its lead in election polls despite Milei’s damaged public image and ongoing legal probes as the October 26 vote approaches. La Libertad Avanza maintains a 36.7% approval rating compared to the opposition coalition Unión por la Patria, which holds 32.5% support. The scandal has significantly damaged Milei’s personal credibility, but his political momentum remains intact for now.

Survey results highlight the fragile state of Milei’s political position and his increasing difficulties in maintaining public trust. The president’s ability to regain public trust remains doubtful while ongoing investigations into the LIBRA scandal continue to uncover additional information. The forthcoming election represents a pivotal moment to see if Milei will successfully navigate Argentina’s current crisis while maintaining his political power. The combination of continuous legal investigations and persistent party backing creates a multifaceted political environment that observers will watch carefully over the next several months.