# MileiMemeCoinControversy President Javier Milei caused a great controversy on Friday night after recommending his followers to buy a cryptocurrency token that became worthless in a matter of hours.

Cryptocurrency experts questioned the motives of the head of state, suggesting some that he could have been a victim or have supported a “rug pull” scheme that defrauded his followers. Just after 7 p.m. local time on Friday, Milei posted an enthusiastic endorsement of a new crypto token called ‘$LIBRA,’ informing users on social media about a unique "investment opportunity" on social networks.

According to the website promoting the token, it aims to boost funding for small businesses and Argentine entrepreneurs.

In just a few hours after the post, the market value of $LIBRA reached US$6 billion, approximately equivalent to that of a major Argentine bank.

The token, which lacks liquidity, was once valued at US$4,978 per token, before falling to $0.99159 in just a few hours, sending shockwaves through the crypto community and the political class of Argentina.

Economists and specialists in Argentina's crypto universe, as well as several opposition politicians, quickly criticized Milei and pointed out that this digital asset could be a scam or a Ponzi scheme.

After posting the message, Milei later confirmed to Bloomberg Linea that the initiative ‘is real’ and is based on “pure private funding."