Law & Policy

Argentine President, Javier Milei, is facing fraud charges and possibly impeachment after he endorsed $LIBRA on X last week – let’s talk about it…🧵

Regulation analyst and researcher. Have a background in politics and competition economics. Decentralise.

Milei’s endorsement of the LIBRA token was followed quickly by a $4.5bn pump and crash. Critics have slammed Milei and the token’s developers for the potential rug pull.

As a result, Milei is now facing fraud charges and an impeachment attempt from the opposition party.

It is not just Milei’s opposition though, even former allies have denounced him for engaging in crypto fraud while representatives from his inner circle have confirmed he was not hacked.

It is leaders and people like Milei who pose the biggest threat to crypto’s legitimacy – if all the mainstream sees is weird, extremist grifters scamming ordinary people, no one will trust it

The very nature of crypto is anti-establishment. It’s aim is decentralisation and to provide an alternate currency system unaffected by establishment institutions – do you really think libertarian leaders who promote/rely the concentration of wealth among existing elites want to see their modes of asset-holding, income and more be changed to a decentralised system?

Of course they don’t. Pro-crypto governments provide exciting opportunities as we are seeing in the US – but we must always be vigilant of how the elite class interacts and attempts to profit like this.

This draws a lot of similarities to the $TRUMP token and helps me to reiterate my arguments about government getting close to crypto, especially far right-governments