Argentina’s libertarian president, Javier Milei, has ignited controversy by endorsing a little-known cryptocurrency token that initially surged in value but then quickly plummeted after his support.

In a social media update on Friday evening, Milei proclaimed that the token, known as $LIBRA, would boost the economy and support small businesses. This newfound attention led to a rapid increase in the token’s value, but fears soon arose that it might be a scam, leading to a dramatic decline in its worth.

Shortly after the uproar, Milei retracted his social media post just five hours later, seeking to clarify his involvement in the project. He noted on X, “I was not well-informed about the project’s specifics, and after learning more, I chose not to promote it further, which is why I deleted the tweet.”

His actions quickly drew criticism for promoting a potentially risky investment. Comparisons were made to former President Trump, who introduced a memecoin, $Trump, last month—another token that experienced a brief spike in value before crashing.

An opposing center-left coalition condemned Milei’s crypto endorsement as “a scandal without precedent.” Additionally, another political faction is pursuing the establishment of a congressional commission to investigate the matter further.

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