Argentina’s President Javier Milei has denied endorsing the controversial LIBRA memecoin, a project that triggered massive investor losses.
Milei, in a 17-Feb interview, addressed the matter, saying that he had not actively promoted the token, but only shared information. Milei maintained that his actions were in good faith, and he had nothing to conceal.
He said:
“I didn’t promote it, I shared it…I acted in good faith and took a hit.”
Milei’s post on the social media platform X about LIBRA, a token built upon Solana technology, boosted its market capitalization to $4.56 Billion on February 14. However, the token’s value collapsed by 95% within hours when he deleted his post and distanced himself from the project.
Reports later surfaced that LIBRA’s creators were involved in insider trading and price manipulation, fueling accusations of misconduct.
Milei said that the project was presented to him as a way to provide financial assistance to entrepreneurs struggling to find funding due to their informal business structure. The speaker claimed that he had only shared information about the project with his listeners, rather than endorsing or promoting it.
Then he added:
“Any initiative that improves financing for tech entrepreneurs interests me. I made no mistakes because I acted in good faith.”
Losses for investors and political turmoil
The president stressed that Argentina’s government was not connected to the LIBRA project and that only a handful of local investors were affected.
Milei asserted:
“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American.”
Milei noted further that those who had invested in LIBRA, were experienced volatility traders and understood the risk. He described the matter as being a private issue between people who participated in an speculative instrument.
He said:
“These are highly specialized individuals in this type of financial instrument. Those who got involved knew the risks very well—they are volatility traders. This is a private matter between individuals, and they participated voluntarily.”
Milei is experiencing political unrest in addition to financial damage.
The fallout has resulted in legal scrutiny and calls for his impeachment, with critics accusing him of damaging investor confidence and tarnishing Argentina’s financial credibility.
Milei admitted that the incident had forced him reconsider his approach to the public.
“When I look at the political repercussions, I realize I have something to learn. I need to understand that after becoming president, I continued acting like the same Javier Milei as before. Unfortunately, this situation shows me that I need to raise my filters and not make myself so accessible.”
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