A recent survey reveals that Argentine President Javier Milei faces a substantial public confidence crisis with a sharp decrease in his approval ratings. Results from Zuban Córdoba’s poll conducted between March 12 and 14 show that 57.6% of Argentinians have lost trust in the libertarian leader. Numerous investors experienced significant financial losses from the LIBRA cryptocurrency scandal, which led to a dramatic shift in public sentiment.

The survey, which polled 1,600 respondents at a 95% confidence level with a 2.4% margin of error, reveals substantial disillusionment with the Milei administration. The Zuban Córdoba report revealed a progressive and consistent rise in negative views about the government alongside emerging “problematic issues.”

The negative perception of Milei’s government continues to expand at a steady pace without any signs of stopping. The government evaluation continues to deteriorate alongside the emergence of more problematic political issues,” the report stated.

The survey found that 36% of those questioned had confidence in Milei after more than a month had passed since the cryptocurrency fraud became public. A total of 6.4% of respondents did not state their opinion, resulting in the majority of surveyed individuals expressing distrust. The situation deals a major setback to Milei’s trustworthiness and creates doubts about his ability to lead. A majority of people now view him negatively due to the fact that 58.5% of respondents express negative opinions about him, whereas 41.1% still think positively of him. A majority of 58.4% disapprove of Milei’s administration, while 41.6% remain supportive of his leadership.

LIBRA Scandal Fuels Public Outrage

On February 14, public trust began to decline when the LIBRA cryptocurrency scandal emerged. The former Twitter platform X removed Milei’s post that promoted the release of a new cryptocurrency. The token reached a market capitalization of more than $4 billion within a few hours. The token’s value collapsed by over 95% following a cash-out by early investors and alleged insiders after their rapid increase in token value.

According to blockchain analytics firm Nansen, insiders and bots earned $180 million in profits while 86% of LIBRA investors faced losses amounting to $251 million. The financial collapse caused widespread distress among thousands of investors who backed Milei.

Milei stated that he only shared information regarding LIBRA without wanting to support it to separate himself from the project. The public remains outraged, and legal scrutiny continues despite Milei’s explanation. A federal investigation has been initiated by Argentine authorities to examine President Milei’s actions after multiple criminal complaints were filed against him and his associates.

Political Implications and Upcoming Elections

Milei’s La Libertad Avanza party maintains its lead in election polls despite damage to his reputation as the October 26 vote approaches. The party holds 36.7% support while the opposition coalition Unión por la Patria receives 32.5%. The scandal has damaged Milei’s reputation and reduced public trust, but has not fully destroyed his political movement.

Milei must demonstrate his continued political relevance during the upcoming elections despite increasing public distrust and legal obstacles. The situation demonstrates Argentina’s unstable public opinion and the political obstacles that Milei must overcome as he maneuvers through the nation’s complicated political terrain. Investigations into the LIBRA scandal, combined with his economic policies and public statements, will dictate the course of his presidency and Argentine political future. Survey findings reveal a pivotal moment for Milei’s political journey, which shows how public trust remains fragile and political backing can change quickly.