Argentina’s President, Javier Milei, was recently cleared in an ethics investigation revolving around his promotion of a cryptocurrency named LIBRA on social media in February 2025.
The investigation concluded without disciplinary measures against Milei, as Argentina’s Anti-Corruption Office supported the view that his post stemmed from his identity as an economist rather than his role as president. This ruling has ignited a broader discussion about the personal and official boundaries politicians should maintain on social media.
Highlights of the Ethics Investigation
According to the document signed by OA President Alejandro Melik, Milei’s social media account existed long before his presidency, dating back to his time prior to serving as a deputy. Melik clarified and acknowledged that the intent behind the social media post was personal, with no public authority being wielded. Consequently, the ruling accepted that there was no misuse of Milei’s presidential influence in the matter.
Throughout the investigation, it was revealed that the LIBRA promotion was not conducted through official government channels or resources. These findings added more weight to the conclusion that no legal violations were committed.
The Market Impact of LIBRA’s Promotion
In his post, Milei argued that LIBRA aimed to generate capital for small and medium-sized Argentine enterprises. This claim initially led the cryptocurrency’s market value to soar to $4.5 billion. However, Milei soon retracted his post, claiming insufficient information about the project.
Following the deletion, LIBRA experienced a dramatic 90% decrease in value, leading to a substantial loss of over $4 billion in market value. On-chain data indicated that 86% of traders incurred a total loss of $251 million, while others gained $180 million. Experts emphasize that a single social media message can drive significant volatility in the cryptocurrency market.
Social Media and Distinction of Public Official Identity
Messages surfaced from LIBRA’s co-founder Hayden Davis, asserting a connection to President Milei via his sister, Karina Milei, prompting further scrutiny and questions. Despite public speculation about potential payments, the OA found no evidence of bribery or influence peddling in their documents.
This situation has highlighted the potential public influence of state leaders’ personal social media posts. Observers argue for transparency in cryptocurrency promotions and political figures avoiding leveraging their status. Although the LIBRA investigation has concluded, the influence of social media on market behavior remains a pertinent topic.
