Argentine President Javier Milei has faced backlash after promoting the controversial cryptocurrency $LIBRA on social media, only to delete the posts following a public outcry. The promotion, which included a link to a Google form for investment, led to significant financial losses for some investors. In a recent television interview, Milei defended his actions, claiming he was merely sharing information and acted in good faith.
Javier Milei Defends $LIBRA
Milei: I didn’t promote it, I shared it.
“I acted in good faith and took a hit,”
“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American.”
“I shared this the same way I’ve shared hundreds…
— db (@tier10k) February 17, 2025
“I didn’t promote it, I shared it,” Milei stated. “I acted in good faith and took a hit.”
The controversy erupted after the $LIBRA cryptocurrency, which was introduced only shortly before Milei’s tweet, experienced a sharp price drop. Milei’s post, made just minutes after the coin’s launch, led many to believe that he was endorsing it, triggering speculation about the potential risks for investors. However, the president claimed that the majority of those affected were not Argentine citizens.
“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American,” he explained.
Milei stressed that the investors involved were well-versed in financial volatility and understood the risks associated with such speculative investments.
“These are volatility traders who knew what they were doing,” he added.
The controversy centers around the idea that the president’s social media post may have influenced unsuspecting investors, many of whom reportedly lost money after the cryptocurrency’s value plummeted. The president dismissed reports that 44,000 people were affected, calling them “false” and asserting that at most, 5,000 people were impacted. He also minimized the likelihood that any significant number of Argentinians were involved.
“The chances of there being Argentinians involved are very slim. These are highly specialized individuals in this type of financial instrument. Those who got involved knew the risks very well—they are volatility traders. This is a private matter between individuals, and they participated voluntarily,” Milei stated.
The president also explained that his involvement in promoting $LIBRA stemmed from him being a techno optimist. According to Milei, the cryptocurrency was proposed as a means to create a structure that would finance entrepreneurs who struggle to secure funding due to the informality of their businesses.
“Hayden Davis proposed creating a structure to finance entrepreneurs who, due to informality, lack funding options. When Libra became public, I helped spread the word,” he said.
Despite defending his actions, Milei acknowledged that the incident has taught him valuable lessons. “I made no mistakes because I acted in good faith. But when I look at the political repercussions, I realize I have something to learn. I need to understand that after becoming president, I continued acting like the same Javier Milei as before. Unfortunately, this situation shows me that I need to raise my filters and not make myself so accessible,” Milei admitted.
Also Read: $LIBRA Rug pull Controversy Continues as Ties to $MELANIA Project Emerge
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