Gold prices steady ahead of Fed decision, Trump’s tariff deadline
Argentina's President Javier Milei clarified his stance on the LIBRA memecoin, stating that he did not intend to persuade anyone to purchase the cryptocurrency but rather to "spread the word."
His comments came during a television interview where he addressed the controversy surrounding his involvement with the Solana-based memecoin, which has seen a dramatic 95% drop from its peak value.
Milei, who is currently facing fraud charges related to the promotion of LIBRA, emphasized that his expertise lies in economic growth and not cryptocurrency. "I’m not an expert.
My specialty is economic growth, with and without money," Milei explained. He added that as a technology enthusiast, he was interested in the potential of cryptocurrencies to finance entrepreneurial projects.
The president also mentioned that the impact on Argentine investors was minimal, with "maybe four or five" individuals losing money, while most of the investors were from China and America. This statement was made to downplay the local effects of the memecoin's collapse.
The controversy began after President Milei appeared to endorse the LIBRA token last Friday. Although he removed his post later, the damage was done as the token's market value had already plummeted.
Milei confirmed his meeting with the individuals behind the LIBRA project and expressed his initial hope to support businesses through the use of crypto.
Hayden Davis, an advisor and self-proclaimed "facilitator" of the Libra project, has blamed Milei for the token's downfall, claiming that the president's withdrawal of support contributed to the collapse. However, it is noted that LIBRA had lost significant value prior to Milei's distancing from the project.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.