A recent Argentine public opinion study indicates substantial public distrust towards President Javier Milei, whose libertarian rise to power generated both passionate supporters and intense controversy. Between March 12 and 14, Zuban Córdoba conducted a survey of 1,600 participants, which showed that 57.6% of Argentinians expressed distrust in their president at a 95% confidence level and 2.4% margin of error. Public opinion shifted dramatically following reports of President Javier Milei’s alleged involvement in the LIBRA cryptocurrency scandal that led to major financial losses for many investors.

The Zuban Córdoba report illustrates a steady increase in public disillusionment with the existing administration as negative opinions continue to rise each month. The negative sentiment builds at a gradual and consistent pace without any visible limits. As political challenges mount, the government faces increased scrutiny, which leads to a solidified shift in public evaluation and tone. According to the report, the last few months have been characterized by continuous violent incidents, which reflect the growing crisis sentiment among people.

After the cryptocurrency controversy began over a month ago, only 36% of survey participants said they trusted Milei. The remaining 6.4% of respondents did not make up their minds, while the majority showed distrust. Milei’s credibility suffers a major setback and his leadership faces increasing skepticism. The latest survey results reveal that 58.5% of respondents now have a negative perception of him, while only 41.1% continue to view him favorably.

The negative public sentiment extends to Milei’s administration as well. According to the survey results, 58.4% of participants rejected his leadership performance while 41.6% remain supportive. The current statistics highlight the expanding split in Argentine society about Milei’s leadership approach and policies.

The LIBRA cryptocurrency scandal that resulted in this drop of public trust began on February 14. Milei deleted his X platform post that promoted a new cryptocurrency launch. The token achieved a market capitalization of over $4 billion within a few hours. The token’s rapid ascent collapsed as early investors and supposed insiders liquidated their positions, which caused its value to drop by more than 95%.

According to blockchain analytics company Nansen, insiders and bots generated $180 million in profits while 86% of LIBRA investors lost $251 million. The financial destruction created widespread shock among thousands of investors who supported Milei.

After the scandal broke, Milei tried to separate himself from the LIBRA project by stating that his involvement was limited to sharing information about it without providing any endorsement. The public remained outraged, and legal authorities kept their scrutiny despite Milei’s explanation. Following the event, multiple criminal charges were lodged against Milei and related groups while the Argentine federal authorities initiated a probe into the president’s actions.

Milei’s La Libertad Avanza party remains at the top of election polls as the October 26 vote approaches despite his damaged reputation. The party retains a lead in public support at 36.7% while Unión por la Patria trails behind with 32.5%. Despite the damage to his reputation and public trust caused by the scandal, Milei’s political movement remains intact. His political standing will be put to the test during the upcoming elections as he faces increasing public skepticism and legal obstacles.

Milei encounters significant challenges in Argentina’s unpredictable political climate, while the volatile public opinion tests his leadership abilities. His economic policies, together with his public statements and the LIBRA scandal investigations, will probably determine both his presidential path and Argentina’s political future. Survey findings reveal a crucial moment for Milei’s political journey by emphasizing both the fragile state of public confidence and the possibility for sudden changes in political backing.