A recent survey reveals that Argentine President Javier Milei is experiencing a major public trust crisis, demonstrated by a significant drop in his approval rating. A poll taken from March 12 to 14 by Zuban Córdoba shows that 57.6% of Argentina’s population remains distrustful of their libertarian leader. The LIBRA digital currency scandal has led to massive investor losses, triggering this sharp change in public opinion.

The poll, which surveyed 1,600 individuals and achieved a 95% confidence level along with a 2.4% margin of error, shows clear signs of increasing public disillusionment towards the Milei administration. The Zuban Córdoba report demonstrated a consistent yet gradual rise in negative public perceptions, which indicates declining government evaluations because of emerging problematic issues.

Negative sentiment toward the government advances consistently without any foreseeable limits. An increasing number of problematic political issues leads to a solidifying negative evaluation of the government. The report described the past months as a series of consecutive bloodbaths.

Following the cryptocurrency scandal, only 36% of respondents reported trust in Milei after more than one month. With 6.4% of respondents undecided about their trust in Milei, the majority clearly expressed distrust. Milei’s credibility suffers tremendously while his leadership remains under a cloud. A majority of respondents, 58.5%, now have a negative view of him, while 41.1% continue to view him positively. According to public opinion data, 58.4% of respondents expressed disapproval of Milei’s administration while 41.6% maintained their support.

LIBRA Scandal Fuels Public Outrage

The LIBRA cryptocurrency scandal began on February 14, leading to a decline in public trust. Milei’s promotion of a new cryptocurrency appeared on X (formerly Twitter) before being removed. The cryptocurrency token’s market value rose above $4 billion within a few hours. The token experienced an abrupt decline of over 95% in value when early investors and suspected insiders decided to sell their holdings.

According to blockchain analytics firm Nansen, insiders, along with bots, earned $180 million in profits while 86% of LIBRA investors faced losses amounting to $251 million. Thousands of investors, including many supporters of Milei, faced substantial financial harm from this disaster.

Milei sought to separate himself from the project by stating that his role was limited to sharing details about LIBRA without any intention of supporting it. The explanation provided by Milei failed to diminish public anger and legal scrutiny. Authorities in Argentina initiated a federal investigation into President Milei’s actions after multiple criminal complaints targeted him and his associates.

Political Implications and Upcoming Elections

The La Libertad Avanza party under Milei remains top in election polls despite his damaged reputation before the October 26 vote. La Libertad Avanza secured 36.7% support while Unión por la Patria managed 32.5% support. Despite the scandal damaging Milei’s reputation and reducing public confidence, his political movement remains intact.

The upcoming elections will reveal whether Milei can preserve his political standing amid growing public skepticism and multiple legal obstacles. The current situation highlights how public opinion in Argentina remains unpredictable and how Milei encounters significant obstacles while maneuvering through Argentina’s difficult political environment. His presidency and Argentine political future will be determined by how his economic policies interact with his public statements and the LIBRA scandal investigations. The survey findings reveal a pivotal moment in Milei’s political journey which shows how vulnerable public confidence is while warning of swift changes in political backing.