The Zuban Córdoba survey shows public opinion in Argentina has undergone a seismic change, which is evidenced by the substantial loss of trust in President Javier Milei. The survey that took place between March 12 and 14, with 1,600 participants, reveals an intensifying public disillusionment connected to President Milei’s involvement in the LIBRA cryptocurrency scandal.

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

A recent survey with a 95% confidence level and a 2.4% margin of error shows that 57.6% of Argentinians currently distrust the libertarian leader. Investors’ large financial losses during the LIBRA cryptocurrency failure led to this steep decline. The Zuban Córdoba report paints a grim picture: The negative sentiment is demonstrating a continuous growth pattern that shows no signs of slowing down. The government faces increasing scrutiny as multiple problematic issues gain prominence in political discussions. The past few months might be described by a series of devastating bloodbaths. The statement reflects increased public anxiety about Milei’s administration.

After the crypto scandal, only 36% of survey participants maintained confidence in Milei. 6.4% of respondents stayed undecided, which demonstrates considerable uncertainty among the population. The event dramatically damaged both Milei’s reputation and his position among the public. A majority of 58.5% of survey respondents now have a negative view of him, whereas 41.1% maintain a positive opinion. His administration lost public favor as only 41.6% of people offered support, while 58.4% disapproved of his management.

The LIBRA cryptocurrency scandal broke out on February 14th after Milei used X (formerly Twitter) to promote the new token before deleting his post. The cryptocurrency experienced a rapid increase in market capitalization to more than $4 billion within hours before plummeting by over 95% as early investors and purported insiders quickly liquidated their holdings. Nansen’s blockchain analysis showed that insiders and trading bots made $180 million while 86% of LIBRA investors lost $251 million combined. Thousands of investors became victims of devastating financial losses, including many supporters of Milei.

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

Faced with increasing public outrage, Milei tried to separate himself from the project by stating he only shared information without giving his approval. The explanation provided by Milei failed to ease public anger or reduce legal investigations. The unfolding scandal has resulted in multiple criminal accusations directed at Milei and his associates while federal investigators in Argentina probe the president’s possible involvement. As the LIBRA scandal legal consequences develop, Milei’s already struggling administration faces additional stress.

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

La Libertad Avanza party maintains its lead in election polls following damage to Milei’s public image and legal inquiries leading up to the October 26th vote. La Libertad Avanza maintains a 36.7% support rate, which exceeds the opposition coalition Unión por la Patria’s 32.5%. The scandal has seriously damaged Milei’s personal reputation, but it hasn’t entirely destroyed his political campaign.

The survey results highlight the unstable condition of Milei’s political position and the increasing obstacles he encounters in preserving public trust. The president faces unresolved questions about his ability to restore public trust as further information about the LIBRA scandal becomes available. The next election will determine if Milei can overcome the current challenges and sustain his leadership position in Argentina. The legal scrutiny combined with the persistent party support generates a multifaceted political environment that will receive close attention in the upcoming months.