Argentina President Javier Milei Backtracks on Crypto Promotion
Argentine President Javier Milei has withdrawn his support for a cryptocurrency coin he promoted on Friday. The coin, known as Libra, saw its value skyrocket by over 2,000% in just 40 minutes before collapsing.
Milei, who has been credited with reducing inflation in Argentina since taking office in 2023, has ordered an investigation into the incident. Opposition lawmakers have called it "a scandal without precedent."
The incident mirrors the rise and fall of other crypto coins linked to former US President Donald Trump and his family. Those coins also experienced rapid gains, allowing early investors to cash out while late adopters incurred significant losses.