President Javier Milei’s public support has taken a significant hit in recent Zuban Córdoba poll because of his controversial involvement with the LIBRA cryptocurrency matter. From March 12th to 14th, researchers conducted a survey that collected responses from 1,600 people, which showed growing public dissatisfaction with the current administration.

1. Cryptocurrency Debacle Erodes Public Trust in Milei

The survey reveals 57.6% of respondents express skepticism toward the libertarian leader while maintaining a 95% confidence level and a 2.4% margin of error. The LIBRA cryptocurrency failure caused extensive financial damage to many investors, which triggered substantial erosion in public trust. The Zuban Córdoba report articulates a bleak outlook: The continuous growth in negative sentiment reveals an unchanging trend over time. The transformation of public opinion and government assessment becomes more established because critical issues increasingly drive political discussions. Multiple crises have emerged over the past few months and have continued to escalate. The analysis highlights increasing public discomfort about Milei’s leadership.

When asked about their trust in Milei after the cryptocurrency controversy, only 36% of survey participants showed confidence. The survey showed that 6.4% of participants had not decided their stance, which reflects a significant level of public indecision. The statistics indicate a major hit to Milei’s reputation and public image. His current public opinion of him has worsened since 58.5% of respondents expressed negative views, while 41.1% sustained their positive opinions. His administration now faces declining public approval, as 58.4% show disapproval while only 41.6% continue to support his management.

The LIBRA cryptocurrency scandal broke out on February 14th following a post by Milei that promoted the token launch on X (formerly Twitter), which has since been removed. The crypto market reached a valuation of $4 billion within several hours before crashing more than 95% when early investors and supposed insiders quickly sold their shares. Nansen’s blockchain analysis revealed that insiders and trading bots made $180 million in profits as 86% of LIBRA investors lost a total of $251 million. Thousands of investors who backed Milei suffered substantial financial losses.

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

Facing public outrage, Milei tried to distance himself from the project by claiming he only shared information without giving his approval. Milei’s explanation failed to reduce public anger and legal scrutiny. A federal investigation into President Milei’s alleged involvement commenced as multiple legal complaints emerged against him and his associates due to the scandal. Milei’s administration faces escalating legal repercussions from the LIBRA scandal, which adds to its existing challenges.

The legal investigations and damage to his reputation have not stopped La Libertad Avanza from staying ahead in the polls before the October 26th election. Support for the party stands at 36.7% while the opposition coalition Unión por la Patria has 32.5%. The scandal has damaged Milei’s personal reputation, but his political progress remains intact.

Survey results reveal that Milei’s political position remains unstable while he encounters increasing difficulties in maintaining public trust. The president’s ability to regain public trust continues to be uncertain as new information about the LIBRA scandal comes to light through the ongoing investigation. The election coming up will determine if Milei can steer through the crisis while maintaining his power as Argentina’s leader. The simultaneous presence of legal challenges and continuous party backing creates a complicated political environment that observers will track closely in the upcoming months.