Argentina President Milei facing impeachment calls after promoting cryptocurrency whose value has tanked

Argentina President Javier Millie is facing severe criticism, including some invitations to dismissal, after strengthening a new cryptocurrency on his account on social media.

In a publication that has been deleted since then from his personal account on x February 14, Milei shared a link to a site where users can buy an encrypted currency called $ Libra, which is a currency connected to a new initiative called Project Libertad, which Website It indicates that the money from the launch of the currency is designed to support Argentine companies.

In his position, Miley indicated that the currency will help the country’s economy and small companies.

Soon after its launch, the currency price rose from about $ 0.22 to more than $ 5. However, within an hour of launch, buyers began to notice sales from the first buyers, and the price decreased about 70 %.

According to Crypto Analytics LookonchainEight digital portfolios related to the early currency trading, benefited from a total of 107 million dollars, while the data reported by Crypto News Site Icobench About 60 individual traders showed each of them lost more than $ 500,000, while 24 traders lost at least a million dollars.

Today, Coin Libra is about $ 0.30, according to CoinMarketcap.com.

The timetable for events led to social media accusations that currency developers, or those who have early awareness of the project, have implemented a “carpet cloud” on subsequent buyers, who knew that they could sell them at a higher price.

The project representatives did not respond to the commentary.

The situation has drawn some similarities with President Donald Trump’s strengthening of an encrypted currency Only before taking office; The value of this currency, Trump, decreased by about 80 % to about $ 16 from its immediate rise after launching about $ 78.

However, while Trump’s first supporters have also witnessed the big surprises, the project was more transparent about the structure of its ownership.

In a post on X, Davis, an American, denied charges of mistakes in launching the scale and accusing Miley himself of retreating in the project.

“It is important to realize that Memecoin’s investments are confident and support,” Davis wrote. “When Millie and his team deleted their posts, the investors who bought the distinctive symbol felt based on their confidence in his support. This led to a wave of sales of panic, which increased the exacerbation of the situation. The sudden loss of confidence had a catastrophic impact on the stability of the distinctive symbol market.”

Davis did not respond to an additional comment.

On Saturday, the official Milei account published a lengthy description of what happened, saying that Milei himself had called an anti -corruption investigator in Argentina to consider the matter, including the president’s participation.

In a television interview on Monday, Miley admitted that he had likely made a mistake in promoting the currency.

“I am a technical specialist. This has suggested to me as a tool to help finance Argentine projects.” According to the Financial Times. “It is true that in an attempt to help these Argentine, I took a slap in the face.”

His office said that while he met twice with the project representatives, he never participated in his development.

The most interesting lesson is that. . . “I need to offer more filters, it cannot be easy for people to reach me,” Miley said in the interview.

While some analysts say that getting enough votes to pass the dismissal articles may be unlike “A scandal without previous” And another group to establish an independent committee, According to the New York Times.

Millie was the first foreign leader to meet Trump after the November 2024 elections, and some have been developed “Romance” With Elon Musk. Miley was a pioneer in a new government agency, the Ministry of Standard and the state, and the state, which was parallel to the Ministry of Government Efficiency led by musk.

Millie took office promising to address inflation problems long ago in his country. Although some progress was made on that front, the country’s poverty rate has also increased.