🇦🇷 Argentina’s President Endorses Crypto Token, Then Backtracks! ❓
On Friday, President Javier Milei made waves on X (formerly Twitter) by promoting the LIBRA token, describing it as a way to support Argentina’s small and medium-sized businesses. He stressed that the initiative was fully private and that he had no personal financial stake in it. However, his endorsement quickly raised concerns—was his account compromised, or had he unknowingly backed a questionable project?
The token’s name appeared to align with Milei’s libertarian ideals and his party, La Libertad Avanza. Reports later revealed that Milei had met with KIP Protocol, the project’s developers, months ago. A blog post from the company even featured a selfie of its co-founder with the president, dated October 20.
Skepticism spread rapidly. X’s community notes flagged potential risks, citing the prevalence of crypto scams, particularly rug pulls. Just five hours after his initial post, Milei took it down, stating that he hadn’t fully understood the details of the project and decided to step back upon learning more.
Despite strong support from Wall Street, Milei faces hurdles in attracting foreign investment. His administration is making progress on inflation control and business-friendly policies, but Argentina’s currency restrictions remain a major barrier. Economic recovery is projected for 2025, following two difficult years.
Meanwhile, additional challenges arise: U.S. tariffs introduced by Donald Trump could disproportionately impact Argentina, Nissan is cutting production, and Mercedes-Benz is exiting the country after seven decades. On top of that, a key agricultural trade route—the Rio Paraná—is in limbo after a crucial dredging auction failed to attract bidders.
Even after removing his post, Milei maintained an optimistic tone, insisting that global investors are eager to bet on Argentina, closing with his signature rallying cry: “Long live freedom, damn it!”
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$BTC
