#MileiMemeCoinControversy The president of Argentina, Javier Milei, has caused a political storm by promoting an unknown cryptocurrency whose value skyrocketed after his support, and then plummeted rapidly.
In a social media post on Friday night, Milei said that the currency, called $LIBRA, would stimulate the economy and help small businesses grow. Although the sudden attention gave the token an initial boost, the huge gains were erased as fears quickly spread that the currency was a scam.
Milei deleted the post, which was on his personal account, five hours later and attempted to distance himself from the company. 'I was not informed of the details of the project,' he wrote on X, 'and after becoming informed, I decided not to continue promoting it (which is why I deleted the tweet).'