A recent survey shows that Argentine President Javier Milei faces a major public confidence crisis because of his rapidly declining approval ratings. The Zuban Córdoba poll from March 12 to 14 indicates that 57.6% of Argentinians currently hold distrustful views about the libertarian leader. Public sentiment shifted dramatically following the LIBRA cryptocurrency scandal, which caused significant financial losses for multiple investors.

Based on 1,600 respondents and a 95% confidence level with a 2.4% margin of error, the survey shows widespread disillusionment with the Milei administration. The Zuban Córdoba report reveals a gradual yet persistent rise in negative perceptions, which indicates that government evaluation is declining due to the emergence of multiple problematic issues.

The report stated,

“The negativity is growing slowly but steadily, with no apparent ceiling. The change in tone and evaluation of the government is consolidating as more problematic issues emerge on the political agenda. One bloodbath after another could be the theme of the last few months.”

More than one month after the cryptocurrency controversy became public knowledge, only 36% of survey participants maintained trust in Milei. The undecided respondents accounted for 6.4%, which resulted in the majority expressing distrust. Milei’s leadership has suffered greatly because this event severely damaged his credibility. The politician’s public image has declined because 58.5% of people now view him negatively compared to the 41.1% who still hold favorable opinions. The public’s approval of Milei’s administration reflects widespread dissatisfaction because 58.4% of respondents disapprove of his management, while 41.6% maintain their support.

LIBRA Scandal Fuels Public Outrage

On February 14, the LIBRA cryptocurrency scandal emerged and led to decreased public confidence. Milei used his X (formerly Twitter) account to endorse a new cryptocurrency before deleting the post. The cryptocurrency token’s market capitalization reached over $4 billion within a few hours. The token’s value experienced a brief surge before collapsing by over 95% as early investors, along with suspected insiders, liquidated their stakes.

According to blockchain analytics firm Nansen, insiders and bots made $180 million in profits while 86% of LIBRA investors lost $251 million. Thousands of investors who backed Milei faced significant financial distress from the devastating impact.

Milei asserts his detachment from LIBRA by stating his actions involved only sharing information without any endorsement. Milei’s defense failed to reduce public anger or legal scrutiny. Legal authorities have received multiple criminal charges against President Milei and his associates and begun a federal investigation into his activities.

Political Implications and Upcoming Elections

Milei’s La Libertad Avanza party maintains its lead position in election polls before the October 26 vote despite reputational damage. The political party has achieved 36.7% support, which stands higher than the 32.5% backing for the opposing coalition Unión por la Patria. The scandal has damaged Milei’s reputation and decreased trust, but his political movement remains intact.

The upcoming elections will assess whether Milei can preserve his political standing despite growing public skepticism and legal obstacles. This scenario demonstrates how Argentine public opinion remains unpredictable while Milei battles through a demanding political environment. His economic policies, together with public declarations and the LIBRA scandal investigations, will define both his presidential direction and Argentina’s political future. The survey findings reveal a decisive moment in Milei’s political journey while demonstrating the fragile state of public trust and the possibility of sudden changes in political backing.