Manuel Adorni, one of President Javier Milei’s most trusted aides, claimed last week that an all-in bet on Bitcoin over a decade ago has funded a luxurious lifestyle that is now under scrutiny.

Argentina’s well-established crypto community is struggling to buy Adorni’s explanation to rebut allegations of illicit enrichment. A scandal that erupted on a trip to New York this year is now costing Milei, who earned his standing with voters as a leader who vowed to weed out government corruption yet is now defending his administration against its fourth major graft case.  

Adorni, now Milei’s Cabinet chief, says he invested about US$200,000 in Bitcoin sometime between 2013 and 2018 and made roughly US$300,000 in…