Javier Milei, the Argentine president, is caught in scandal after an ill-fated endorsement of the cryptocurrency $LIBRA. On February 14th, he praised it on X, claiming it would support local ventures. This prompted a rush of investors, skyrocketing its price from 21 cents to a dizzying peak of $5.54 within an hour, only for the bubble to burst spectacularly shortly after.
Javier Milei, Argentina’s president, created a scandal after endorsing $LIBRA, a cryptocurrency, on February 14th. His praise led to a massive investment surge, catapulting its price from 21 cents to $5.54 before it collapsed. This incident marks a significant embarrassment for his burgeoning presidency, raising concerns about public trust and market manipulation.
Milei’s foray into the cryptocurrency world serves as a stark reminder of the unpredictable nature of such investments. His endorsement not only impacted the investors who rushed in but also cast a shadow on his leadership credibility. As the dust settles, it raises questions about accountability and the role of public figures in guiding market behaviour.
Original Source: www.economist.com
