Javier Milei on Crypto
TL;DR
Javier Milei's current crypto position is defined by his promotion of a meme coin that led to a major investment scandal.
Key Points
In February 2025, he publicly promoted the $LIBRA cryptocurrency on social media, which subsequently crashed after a rapid price surge.
Following the collapse of $LIBRA, which some media dubbed 'Cryptogate,' opposition politicians filed charges of fraud against him, prompting an investigation.
His administration defended the promotion by stating he regularly supports private Argentine ventures online to attract investment, and an official claimed he was the scam's biggest victim.
Summary
Javier Milei's engagement with cryptocurrency has been largely defined by a significant controversy in February 2025, dubbed Cryptogate, following his public promotion of the $LIBRA meme coin on his X account. He stated the coin was designed to spur economic growth, which temporarily boosted its capitalization to $4bn before its value plummeted, leading to accusations of a "rug pull" scam that cost thousands of investors billions. In response to the immediate political fallout, which included calls for an impeachment trial, the President deleted the endorsement post, and his office distanced him from the currency's development, claiming he regularly promotes private ventures as part of his free-market platform. [cite:5, cite:7]
Despite his administration positioning him as the biggest victim of the scheme, legal challenges ensued, with plaintiffs holding him personally responsible for fraud, alleging his actions were essential to the illicit association. The anonymous nature of cryptocurrency transactions presents a challenge for investigators seeking to trace any potential illicit profits or bribes connected to the token's creator, Hayden Davis, and associates reportedly in touch with Milei’s close staff. While his lawyer argued his promotion lacked criminal intent, the incident severely tested his anti-corruption image as he faces ongoing probes into the matter. [cite:3, cite:5, cite:7]
Key Quotes
“The president shared a post on his personal accounts announcing the launch of KIP Protocol's project, as he does daily with many entrepreneurs who wish to launch projects in Argentina to create jobs and attract investments,”
“the world wants to invest in Argentina”
Frequently Asked Questions
Javier Milei's position regarding cryptocurrency is currently overshadowed by the February 2025 $LIBRA scandal. While he has previously been associated with promoting digital assets, his recent actions have centered on defending his role in the token's crash and cooperating with ensuing fraud investigations. His fundamental economic philosophy leans toward deregulation, which broadly aligns with the underlying technology of crypto, but the scandal has dictated the narrative.
Yes, Javier Milei publicly promoted the $LIBRA cryptocurrency on his X account in February 2025, claiming it was for economic growth. Bolstered by his endorsement, the meme coin briefly saw its market capitalization reach $4bn before the value quickly collapsed. He later deleted the post amidst the resulting controversy and accusations of involvement in a 'rug pull' scheme.
Following the $LIBRA collapse, Javier Milei faced legal challenges, including charges of fraud filed by opposition politicians. A federal judge was tasked with leading an investigation into his relationship with the cryptocurrency, although his legal team has maintained his behavior did not constitute a crime due to a lack of criminal intention. The investigation's progress is complicated by the anonymous nature of blockchain transactions.
Sources5
Argentina's Javier Milei faces fraud allegations over cryptocurrency post
Milei and His Money Mayhem: The Crypto Scandal in Argentina
Argentina Opposition Moves to Impeach President Milei After $LIBRA Crypto Scandal
Javier Milei - Wikipedia
Javier Milei and the crypto scandal revealing large-scale manipulation
* This is not an exhaustive list of sources.