It is a truth universally acknowledged that a politician in possession of a Twitter account must be in want of a scandal. Such was the case with Argentine President Javier Milei, who, in a moment of what can only be described as digital imprudence, briefly championed a crypto token known as LIBRA, only to retract his endorsement with the haste of a gentleman caught in a compromising situation.
On a fateful Friday, Mr. Milei took to the platform formerly known as Twitter to extol the virtues of this token, which he claimed would bolster the fortunes of small and medium-sized enterprises in Argentina. He was quick to assert that the endeavor was privately managed and that he had no pecuniary interest in its success. Yet, as the public’s suspicions mounted, one could not help but wonder: had the president been the victim of a hack, or had he, in a moment of libertarian zeal, been duped by the very forces of chaos he so often rails against?
The LIBRA token, whose name bears an uncanny resemblance to Mr. Milei’s political party, ‘La Libertad Avanza,’ was the brainchild of KIP Protocol. A blog post on their website even features a rather self-satisfied selfie of their co-founder with the president, dated October 20. One might say it was a portrait of ambition, if not hubris.
Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.
No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…
As the whispers of skepticism grew into a chorus, X’s community notes did their duty, flagging the token as a potential scam. Five hours after his initial post, Mr. Milei, perhaps realizing the gravity of his misstep, deleted the endorsement, claiming he had been “not aware of the details of the project” and had chosen to withdraw his support upon further reflection.
Despite his Wall Street admirers, Mr. Milei has found it challenging to woo foreign investors. His administration has made strides in curbing inflation and advancing pro-business policies, yet Argentina’s labyrinthine currency controls continue to hinder progress. The nation’s economy, after two years of recession, is expected to recover in 2025, though one must wonder if it will be enough to salvage Mr. Milei’s reputation.
Adding to his woes, U.S. tariffs imposed by Donald Trump threaten to disproportionately affect Argentina. Meanwhile, Nissan is scaling back production, and Mercedes-Benz, after 70 years, is bidding farewell to the country. Even the Rio Paraná, Argentina’s vital agricultural trade route, faces setbacks after the government canceled a dredging auction due to a lack of bids.
Yet, in the face of these trials, Mr. Milei concluded his now-deleted post with characteristic optimism, declaring, “The world wants to invest in Argentina,” and signing off with his signature phrase: “Long live freedom, damn it.” One can only hope that his next venture into the world of crypto is met with a bit more circumspection—and perhaps a dash of humility. 🙃
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2025-02-15 10:14