Argentina President Javier Milei’s crypto-friendly party, La Libertad Avanza, has emerged victorious in the country’s midterm elections, reinforcing his influence in national politics and setting the stage for a strong 2027 presidential run.
According to local outlet La Nación, Milei’s party secured 40.68% of the vote, with nearly 99% of ballots counted, defeating the long-dominant Peronist party. The win is particularly significant as it included a victory in Buenos Aires province, a region that has historically been a Peronist stronghold.
The result marks a reversal of fortunes from September, when Milei’s party suffered a major loss to the Peronists in the same province. Analysts suggest that Argentina’s recent $20 billion currency swap with the United States, which strengthened ties between the two nations, may have helped bolster Milei’s public support despite domestic economic challenges.
Milei’s Economic and Crypto Agenda
A former economist turned politician, Milei has built his platform around free-market reforms, anti-inflation measures, and reduced state intervention. His administration has also embraced cryptocurrency adoption, positioning Argentina as one of Latin America’s more open economies toward digital assets.
In December 2023, Milei’s government legalized contracts denominated and settled in Bitcoin and other cryptocurrencies, marking a historic shift in Argentina’s financial policy and offering citizens new options amid the country’s ongoing currency instability.
However, Milei’s reputation in the crypto community took a hit earlier this year following the Libra (LIBRA) token scandal. The controversy erupted in February, when the token skyrocketed to a $4.6 billion market cap after Milei mentioned it in a post on X. Within hours, LIBRA’s value crashed by 94%, leading to accusations of insider trading and market manipulation.
Milei later clarified that he had only intended to “spread the word” about the project and not promote it. Argentina’s corruption watchdog has since cleared him of any wrongdoing, but the incident left a lasting dent in public perception.
Public Sentiment Remains Divided Despite Electoral Success
Despite the recent electoral victory, public opinion about Milei remains divided. A Zuban Córdoba poll found his approval rating fell from 47.3% in November to 41.6% in March after the LIBRA controversy. The firm’s latest October survey shows that 63.2% of Argentina citizens now hold a negative view of the president, a rise of over 21 percentage points since March.
While Zuban Córdoba is known for its criticism of libertarian and far-right movements, the data highlights the challenges Milei faces in maintaining broad public support. Still, with his party’s midterm success and growing legislative influence, Milei remains a dominant figure in Argentina’s political and economic future.