Argentina agog after Milei promotes crypto that crashed
President Javier Milei’s backing of the crypto token $Libra that collapsed in hours is a story that the administration is hastily trying to rewrite amid calls for impeachment and international media attention.
On Friday night, the president took to X announcing the “Viva la Libertad Project” and promoting a token called $Libra, claiming it would bolster Argentina’s economy. The token’s value soared and promptly plummeted within hours in what is known as a “rug pull,” with eight users making away with most of the US$4.5 billion market cap.
The backlash was immediate and multipartisan, with many pointing to the endeavor’s red flags and the fact that it is illegal for elected officials to advertise…
