New polling results from Argentina show that President Javier Milei’s libertarian leadership has lost significant public confidence following his controversial rise to power. The survey performed by Zuban Córdoba from March 12 to 14, which reached 1,600 respondents and produced results with a 95% confidence level and a 2.4% margin of error, found that 57.6% of Argentinians now lack trust in their president. Public opinion shifted dramatically after Milei became embroiled in the LIBRA cryptocurrency scandal, causing major financial setbacks for many investors.

The Zuban Córdoba report shows increasing public disenchantment with today’s leadership as negative opinions intensify steadily every month. Negative sentiment continues to build up at a slow yet steady rate and shows no signs of stopping. As political problems continue to surface on the agenda, public perception of the government shifts towards a more negative tone and evaluation. According to the report, the past few months have been marked by one violent incident following another, which underlines the expanding sense of crisis among citizens.

Over a month following the cryptocurrency scandal Milei faced, when asked about their trust in him, 36% of respondents indicated they trusted him. With 6.4% of respondents undecided about their trust in Milei, the majority of participants expressed distrust. The event has damaged Milei’s credibility while simultaneously darkening perceptions of his leadership. A majority of 58.5% now view him unfavorably, while only 41.1% hold a positive view.

The negative feelings about Milei’s administration match public opinion. The majority of survey participants show disapproval towards his leadership, with 58.4% against him while 41.6% remain supportive. The data shows an expanding societal split regarding Milei’s political strategies and leadership style.

The LIBRA cryptocurrency scandal started on February 14 and generated a loss of public trust. Milei used his X account to announce the launch of a new cryptocurrency before his post was taken down. The token achieved a market capitalization of over $4 billion within only a few hours. The token’s swift ascent ended abruptly as its value dropped more than 95% during a sell-off by early investors and supposed insiders.

Nansen’s blockchain analysis showed that insiders and automated trading systems made $180 million, while LIBRA investors who lost money accounted for 86% of people suffering $251 million in losses. Thousands of investors, including supporters of Milei, faced a severe financial impact from this devastation.

Milei tried to separate himself from the controversy by stating that he only shared details about LIBRA without promoting it. The explanation offered by Milei remained insufficient to diminish the public outrage and legal scrutiny that followed. In the wake of the event, multiple criminal accusations emerged against Milei and his associates which prompted a federal investigation by Argentine authorities into his presidential conduct.

Despite significant harm to his public image, Milei’s La Libertad Avanza party maintains its lead position in election polls before the October 26 vote. The La Libertad Avanza party holds a 36.7% support rating which surpasses the opposition coalition Unión por la Patria’s 32.5%. Milei’s political movement remains intact despite the scandal which has damaged his image and diminished public trust. The forthcoming elections will evaluate his capacity to remain politically relevant amidst growing public distrust and legal issues.

The current scenario reveals both the unpredictable nature of public opinion in Argentina and the difficulties that Milei confronts while moving through the nation’s intricate political terrain. The combined effects of his economic strategy and public statements, along with the LIBRA scandal investigations, will determine his presidential path and Argentina’s political landscape. The survey findings mark a pivotal point in Milei’s political journey and show how public trust remains unstable, along with the possibility of swift changes in political backing.