Behold, the tale of Argentine President Javier Milei, once the darling of the Bitcoin brigade, now ensnared in a crypto quagmire that has the nation in an uproar!
It seems our intrepid president, with a tweet that has since vanished into the ether, championed a new crypto token, Libra, promising it would be the salvation for Argentina’s entrepreneurs. Alas, the token’s value soared to $5, only to come crashing down faster than a lead balloon, leaving a trail of financial devastation in its wake.
Libra: From Hero to Zero
Milei’s enthusiastic endorsement of Libra, complete with his campaign slogan “Long Live Freedom,” was linked to the crypto’s official website. The token’s meteoric rise and subsequent collapse left many wondering if they’d been had.
Within minutes of its launch, Libra reached dizzying heights, only to plummet to less than $1 in a matter of hours. A masterclass in financial misadventure, if there ever was one!
A Tweet, a Scandal, and a Nation in Shock
The president’s foray into the world of crypto has sparked a firestorm of controversy. Opposition politicians were quick to pounce, accusing him of promoting a scam. Milei, of course, denied the allegations with the fervor of a man whose back is against the wall.
It all began with this fateful post at 5:01 PM ET from Javier Milei. The speculation was rampant, much like during President Trump’s memecoin launch. Was it a hack or the real deal? It turned out to be real, as other Argentinian politicians joined the fray.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
Hours later, Milei deleted the message and claimed he was unconnected to the project, a claim that rings hollow to many. His subsequent statement, translated from the original Google-ese, was a scathing attack on his political opponents:
“To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass.”
Even his own team admitted the tweet was a “mistake” in an interview with CNN. The network attempted to contact the National Securities Commission to see if they were planning to take action against Milei, but as of yet, there’s been no word.
Libra’s Rollercoaster Ride
The Libra token’s journey was nothing short of a financial rollercoaster. From zero to hero and back again, all in the space of a few hours. The president’s tweet was the catalyst for the token’s surge, and its subsequent collapse left many holding the bag.
The fintech chamber likened the Libra launch to a “rug pull,” a classic crypto scam where insiders cash out while the price plummets. Others saw it as a Ponzi scheme, a fraud of epic proportions.
Red Flags and Strange Bedfellows
Crypto experts like Pablo Sabbatella saw the red flags from a mile away. The crypto’s site was set up just a day before the launch, and the tokens were minted minutes before Milei’s tweet. It all smacked of a scam, and the “whales” who bought in early made off like bandits.
Sabbatella pointed out that some accounts got in at a low cost and made millions in a matter of hours. Meanwhile, Milei found an unlikely ally in Security Minister Patricia Bullrich, who defended his right to freedom of expression. She compared his post to an investor’s visit to a factory, insisting it didn’t imply endorsement. A curious defense, indeed!
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2025-02-19 00:15