The promotion of cryptocurrencies by the president Javier Milei It is not an isolated event nor a simple ideological gesture. What might seem like support for decentralization and the free market, in reality, contains a much more complex phenomenon.
First it was CoinX in 2022, now LIBRA in 2025. Both cases show a disturbing pattern of behavior: a political leader promoting specific crypto projects that end in financial collapses, massive losses for investors and a worrying lack of regulation.
Is this simply recklessness or is there market manipulation with hidden interests?
In this analysis, we will explore two key aspects:
The geopolitics behind Milei’s cryptopolitics: Is Argentina a test laboratory for crypto deregulation or a piece in a larger financial game?
The regulatory vacuum and its impact on the Argentine economy: How does the lack of supervision turn the country into a haven for large-scale financial fraud? Geopolitics and Cryptopolitics: Argentina as a Testing Ground.
Cryptocurrencies are not just a financial or technological phenomenon; They are also a geopolitical instrument. Countries with different motivations have adopted diverse approaches towards digital assets:
El Salvador (2021): Made Bitcoin legal tender, defying the IMF and seeking financial independence. Dubai: Established itself as a crypto hub with favorable regulation and tax benefits. US and European Union: Apply strict regulations to balance innovation with market security. China and Russia: Restrict the use of cryptocurrencies as they represent a threat to state control over the economy.
Where is Argentina on this board?Argentina is a country with a historically unstable economy, uncontrolled inflation, and eroded confidence in its national currency. This makes it fertile ground for the mass adoption of cryptocurrencies, but also a perfect target for high-risk speculative operations.
Financial freedom or market manipulation?
Milei has gone beyond supporting financial decentralization: it has promoted specific crypto projects with catastrophic consequences.
CoinX Case (2022): The First Precedent
Milei, still as a deputy, promoted CoinX on his social networks. CoinX offered guaranteed returns without explaining its financial model (a classic sign of a pyramid scheme). The National Securities Commission (CNV) intervened and ordered its closure. Result: Investors lost money and Milei ignored the problem, claiming ignorance.
LIBRA Case (2025): The Biggest Scandal Now as president, Milei promoted the LIBRA token from his official X account. In a few hours, LIBRA reached a capitalization of $4.5 billion. The price fell 89% after its launch, generating massive losses. Analysts detected signs of pump & dump, a strategy in which the value of an asset is artificially inflated before profits are withdrawn. LIBRA developers withdrew approximately $87 million before the crash. Milei deleted her post and again claimed ignorance.
Evident pattern: promotion, artificial rise, collapse and misunderstanding.
The big question: is it just irresponsibility or is there a hidden financial interest?A president’s endorsement of a specific cryptocurrency is not an innocent act. It generates confidence in the market and mobilizes investments, benefiting insiders who withdraw their capital at the right time. Milei, by acting as a promotional figure, not only reinforces his libertarian narrative, but also amplifies schemes that end up affecting small investors.
Argentina and the Regulatory Vacuum: A Paradise for Speculation
The lack of crypto regulation in ArgentinaArgentina has been one of the countries with the highest adoption of cryptocurrencies, but without a solid regulatory framework. This has turned the country into fertile ground for fraud.
Comparison with other markets:
US and SEC: Actively investigate crypto fraud and sanction irresponsible promotions (example: Elon Musk and Dogecoin). Europe and MiCA: They have implemented strict regulations to control the market and prevent scams. Argentina: It does not have an entity with sufficient authority to intervene in fraudulent schemes like LIBRA. The result? A fully deregulated crypto market where any actor can launch a token without prerequisites.
Milei and the Omission of ControlsSince taking office, Milei has pushed an agenda of extreme deregulation. However, instead of establishing a framework that provides security for investors, it has encouraged a model in which:
There are no protections against financial fraud. Any person or group can launch a cryptocurrency without prior audit. The control institutions (CNV, Central Bank) are limited in their capacity to intervene.The problem is not the promotion of cryptocurrencies itself, but the way in which it is done and the consequences that this generates.
Impact on the Argentine EconomyThe consequences of this regulatory vacuum and Milei’s irresponsible promotion of cryptocurrencies are alarming:
Loss of confidence in the Argentine crypto ecosystem → Inhibiting serious investment in the sector. Exodus of capital towards safer markets → Making the country’s financial development difficult. 
Greater exposure to fraud → Especially affecting small investors who trust the presidential word. Conclusion: Where is Argentina going in the Milei era?
The Milei-CoinX-LIBRA case is not an isolated episode. It is the manifestation of an economic governance model based on uncontrolled deregulation, which facilitates uncontrolled speculation.
If adequate regulations are not implemented, Argentina will consolidate itself as a high-risk market for crypto investments, where:
Retail investors will continue to be the main losers. The government will not take responsibility for indirectly supported frauds. The country will be a magnet for financial projects of dubious legitimacy.
The final big question: Is Milei just a naive defender of financial freedom or is there a pattern of market manipulation with hidden interests?If the pattern repeats itself with a third cryptocurrency, the answer will be obvious.
