A recent study demonstrates that public confidence in Argentine President Javier Milei has dropped sharply, which presents significant difficulties for his leadership. The Zuban Córdoba poll conducted from March 12 to 14 involved 1,600 respondents and demonstrated with a 95% confidence level, alongside a 2.4% margin of error, that 57.6% of Argentinians currently distrust President Milei. The controversial LIBRA cryptocurrency scandal, which caused many investors to suffer substantial financial losses, happened just before this dramatic shift in public sentiment occurred.

The survey results reveal that disillusionment with the Milei administration is expanding. The negative sentiment continues to build at a gradual and steady pace without showing any limit. As political challenges continue to mount on the agenda, more citizens are reassessing their views of the government. According to the Zuban Córdoba report, the successive bloodbaths over the past few months illustrate the expanding crisis felt by the population.

When the public was surveyed about their trust toward Milei, one month after the crypto scandal broke out, only 36% of participants stated they trusted him. With 6.4% undecided about their trust levels in Milei, the majority clearly expressed distrust. The recent events have delivered a substantial hit to Milei’s trustworthiness and created doubts about his ability to lead. Milei’s public perception has declined, with 58.5% of respondents now viewing him negatively, while only 41.1% continue to hold a favorable opinion. According to recent surveys, 58.4% of the public disapproves of Milei’s administration, while 41.6% continue to support him. The data reveals the increasing social division in Argentina about President Milei’s leadership and political strategies.

Key Insights:

Significant Distrust: A majority of Argentinians, at 57.6%, currently distrust President Milei.

Declining Trust: Following the LIBRA crypto scandal, only 36% of respondents reported they still trust Milei.

Negative Perception: A majority of respondents show a negative view of Milei, with 58.5% expressing such perceptions.

Government Disapproval: 58.4% of respondents disapprove of Milei’s administration.

Continuing Party Support: Election poll data shows Milei’s La Libertad Avanza party continues to hold the top position.

Financial Loss: Through the LIBRA cryptocurrency scandal, investors lost a staggering 251 million dollars.

A drop in public trust resulted from the LIBRA cryptocurrency scandal, which broke out on February 14. Milei encouraged followers about a new cryptocurrency through a post on X that was subsequently taken down. The token experienced a rapid increase in market value, which reached over $4 billion within hours. The token’s value fell more than 95% within hours after its initial surge when early investors and alleged insiders quickly liquidated their positions.

The blockchain analytics firm Nansen found that insiders and bots gained $180 million in profits while 86% of LIBRA investors incurred losses of $251 million. The financial collapse devastated thousands of investors who supported Milei and left them struggling with the consequences.

Milei responded to the scandal by stating he only shared information about LIBRA without endorsing its project. His explanation failed to reduce public anger or stop legal investigations. The aftermath of the event led to multiple criminal complaints against Milei and his associates, while Argentine authorities initiated a federal investigation into the President’s actions.

Milei’s La Libertad Avanza party maintains its lead position in election polls before the October 26 vote despite reputational damage. The party maintains 36.7% support, which outpaces the opposition coalition Unión por la Patria’s 32.5%. The scandal has damaged Milei’s reputation and diminished public trust, but failed to destroy his political movement. The forthcoming elections will act as a critical evaluation of his capacity to stay politically significant while battling rising public skepticism and legal obstacles.

Milei’s political challenges reflect Argentina’s unstable public opinion while he tries to manage the country’s intricate political environment. His presidency and Argentina’s political future will be determined by the relationship between his economic strategies and public declarations, alongside the LIBRA scandal investigations. The survey findings demonstrate a significant turning point in Milei’s political career by revealing how easily public trust can erode and political backing can change quickly. The next few months will prove vital for Milei to restore public trust in Argentina and consolidate his political standing.