Javier Milei's $LIBRA Misstep: Why Argentina's President Endorsed a Flawed Memecoin

From Reformer to Scandal: Understanding the Bitcoin vs. Meme-Coin Debate After Milei's Endorsement Goes Wrong

Before Javier Milei was elected President of Argentina in December 2024, I supported his efforts to reform the failed previous administrations. So far, Milei has done everything right to “right the ship,” but this past week, He and those around him made a serious misstep by promoting a new meme-coin called $LIBRA, suggesting it would help stimulate the economy while supporting small businesses.

When I first saw this, I was disappointed he would take this approach, as meme coins are generally stupid and, worse, are often nothing more than “pump and dump” schemes. The only worthwhile digital coin is Bitcoin, hands down. As with most meme coins, it rose and fell as quickly as it was created on the Solana blockchain. Since then, Milei has issued an explanation of what happened and announced an investigation into how this all came to be. You can view the text of his announcement here. It is quite a scandal and one that Javier Milei is livid about how he was used in this way, stating that he was not familiar with the details of the project.

Meanwhile, Bitcoin, with its decentralized structure, limited supply, and worldwide adoption, remains the gold standard in the digital currency space and is proven to be the most secure of all. Unlike meme-coins that come and go, often relying on hype and celebrity endorsements, their value.

I for one, will be looking for the result of this investigation and see if anyone is held accountable for such a dupe on the people of the world.