A public opinion poll from Argentina revealed substantial public trust loss for libertarian President Javier Milei, who has experienced both strong support and intense controversy throughout his political career. According to Zuban Córdoba’s survey conducted from March 12 to 14 among 1,600 people with a 95% confidence level and a 2.4% margin of error, 57.6% of respondents in Argentina express distrust towards their president. The LIBRA cryptocurrency scandal allegations against Milei have directly preceded this significant change in public trust.

The Zuban Córdoba report demonstrates an ongoing increase in public disillusionment toward the government as negative perceptions continue to worsen each month. Public dissatisfaction continues to rise at a consistent pace without any visible limit. As political challenges become more prevalent on the agenda, the government’s evaluation and public tone towards it continue to solidify. The report described recent months as a series of bloodbaths, which reflects the growing crisis felt by the population.

A month beyond the cryptocurrency scandal’s exposure, Milei retained the trust of only 36% of those surveyed. A majority of respondents expressed distrust because 6.4% still had not made a decision. Milei’s leadership credibility suffered substantially while his leadership future grew uncertain. A negative public perception dominates among respondents, with 58.5% holding unfavorable views of him against 41.1% who view him positively.

The public approval ratings for Milei’s administration show a reflection of this negative sentiment. Almost six out of ten respondents (58.4%) disapprove of his management, while the remaining 41.6% continue to stand behind him. The data demonstrates the increasing societal split in Argentina about Milei’s leadership and policies.

The LIBRA cryptocurrency scandal broke out on February 14 and led to a decrease in public trust. Milei made public endorsements for a new cryptocurrency through a post on X (formerly Twitter) that has since been removed. The market capitalization of the token skyrocketed beyond $4 billion within hours. The token’s value dropped by over 95% after initial investors and suspected insiders sold their shares following its brief rise.

According to Nansen, a blockchain analytics company, insiders and bots accumulated $180 million in profits while LIBRA investors experienced $251 million in losses, affecting 86% of them. Thousands of investors who supported Milei experienced financial devastation from the event’s impact.

Milei tried to separate himself from the LIBRA project by stating he only provided information about it without supporting it. Milei’s attempted explanation failed to reduce public outrage or stop legal investigations. Following the incident, multiple criminal charges were brought against Milei and his affiliates while federal authorities in Argentina started an investigation into his actions.

Milei’s La Libertad Avanza party remains at the top of election polls despite the damage done to his reputation ahead of the October 26 vote. The party holds 36.7% of public support while the opposition coalition Unión por la Patria sits at 32.5%. The scandal has damaged Milei’s reputation, but his political movement remains intact. The forthcoming elections will serve as the ultimate test of his capacity to retain political relevance despite increasing public mistrust and legal obstacles.

This situation highlights how unstable Argentinian public opinion remains while also showing the political difficulties Milei encounters as he steers through the complicated political environment. His presidency’s direction and Argentina’s political future will be defined by the interactions between his economic strategies and public statements alongside the LIBRA scandal investigations. The survey findings show a pivotal moment in Milei’s political life, which demonstrates both the fragile status of public trust and how political backing might change swiftly.