The News
Argentina’s President Javier Milei has quickly backtracked after promoting a cryptocurrency coin Friday that the self-described “anarcho-capitalist” said could boost the country’s flagging economy.
After Milei touted the coin — known as Libra — its value skyrocketed by more than 2,000% in just 40 minutes before cratering.
Milei — who has widely been credited with taming Argentina’s rampant inflation since taking office in 2023 — said he had ordered an investigation into the incident, which opposition lawmakers decried as “a scandal without precedent.”
Libra’s rise and fall mirrors the arcs of the various crypto coins linked to US President Donald Trump and his family, which also saw rapid gains and early investors cash out, while late adopters were left with as much as $2 billion in cumulative losses, The New York Times reported.