The latest Zuban Córdoba polling data shows President Javier Milei facing a significant loss of public confidence due to his involvement with the controversial LIBRA cryptocurrency incident. The survey conducted from March 12th through 14th collected data from 1,600 respondents and showed growing public discontent with the current administration.

1. Cryptocurrency Debacle Erodes Public Trust in Milei

The survey shows that 57.6% of participants lost trust in the libertarian leader based on a 95% confidence level with a 2.4% margin of error. The LIBRA cryptocurrency disaster triggered widespread financial losses for many investors, which led to a major decrease in public trust. The Zuban Córdoba report articulates a bleak outlook: The ongoing increase in negative sentiment demonstrates a relentless pattern, according to the analysis. The public perception shift and government evaluation process gain firm ground during times when critical issues take center stage in political discussions. A string of intensifying crises has characterized the recent months. The evaluation demonstrates increasing public concern related to Milei’s leadership.

The cryptocurrency controversy resulted in only 36% of survey respondents expressing trust in Milei. The undecided response rate of 6.4% demonstrates a significant level of public uncertainty. The statistics clearly show that Milei has experienced a major loss of credibility and public stature. More than half of the survey respondents harbor negative opinions about him, whereas 41.1% of them hold a positive perspective. The administration has seen reduced public support as 58.4% of the population disapproves of its operations, while only 41.6% remain supportive.

The LIBRA cryptocurrency scandal burst into public view on February 14th when Milei advertised the new token launch via X (formerly Twitter) through a deleted post. The cryptocurrency’s market value reached over $4 billion within hours before falling by more than 95% due to early investors and alleged insiders liquidating their positions. Nansen’s blockchain analytics revealed that insiders and trading bots earned $180 million in profits while 86% of LIBRA investors suffered combined losses totaling $251 million. Thousands of investors experienced severe financial distress after many who supported Milei became victims of the collapse.

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

Milei attempted to separate himself from the controversial project by stating he only shared information without actively supporting it, following the public outcry. The explanation provided has failed to calm the public’s anger or reduce legal scrutiny. The scandal triggered multiple legal complaints against Milei and his associates while Argentine authorities launched a federal investigation into the president’s alleged involvement. Milei’s administration faces mounting pressure as legal repercussions from the LIBRA scandal continue to develop.

In spite of his damaged reputation and active legal probes, Milei’s La Libertad Avanza party remains ahead in the upcoming October 26th election polls. The party leads with 36.7% support while the opposition Unión por la Patria coalition stands at 32.5%. The scandal has deeply damaged Milei’s personal reputation, but his political movement remains strong.

The survey results highlight the fragile state of Milei’s political support and the growing difficulties he encounters in maintaining the trust of the public. Ongoing developments in the LIBRA scandal investigation jeopardize the president’s ability to regain public trust. The upcoming election will determine President Milei’s ability to manage the current crisis while maintaining his political power in Argentina. The combination of continuing legal investigations with persistent backing from his party forms a complicated political situation under close watch for the near future.