Recent news has been buzzing that the LIBRA crypto price has plummeted drastically. The currency is a digital currency based on a permissioned blockchain or private blockchain. This currency was created as a digital currency based on a simple global blockchain and offers low fees.
Not long ago, Javier Milei as President of Argentina was caught promoting the token. No half measures because his promotion was through uploads on his social media accounts. Because of this promotion, the value of the LIBRA token immediately skyrocketed.
LIBRA Crypto Price Skyrocketed
On February 16, 2025, Milei promoted the LIBRA crypto project via social media X previously known as Twitter. In the upload, he considered LIBRA as a tool to encourage economic growth in Argentina. This is because LIBRA can fund small businesses and entrepreneurs in Argentina.
Getting involved in the world of cryptocurrency, the president’s involvement in promoting the LIBRA token made its price rise instantly. Its value even shot up to almost US$5 per piece. This price is equivalent to €4.75.
The sudden price spike is often a golden opportunity. This is because you can get big profits from the price increase.
LIBRA Price Drops
Although it had experienced a drastic and sudden increase, now the LIBRA crypto price has dropped drastically. It even dropped below $1 in just a matter of hours.
Instead of getting big profits, it faces high risks and ends in mass losses. This price drop is because the level of market confidence in the value of LIBRA is starting to waver.
As a result, many investors have suffered huge losses. One of the many investors even spent US$5.6 million to buy 2.1 million LIBRA tokens.
The investor certainly hoped to get a lot of profit. However, his investment was almost lost without a trace.
Because of this incident, there have been many accusations that this is a classic rug-pull case in the crypto world. In other words, this scheme shows that developers have manipulated asset prices through aggressive promotions.
Then sell their assets before the price falls. This is what caused investors to suffer huge losses and the plummeting LIBRA crypto price became the focus.
Whatever it is, what the president does or says can have a big impact and influence the actions of many people. It is no wonder that this chaos can occur because of investing.
Javier Milei’s Response
Seeing that the currency he promoted was problematic, Milei received several criticisms from various parties. In the end, he deleted his upload about 5 hours later.
On the same platform, he also emphasized that he did not know the details of this crypto project. Then when he got the information, he decided not to continue promoting it.
Unfortunately, his actions have encouraged many investors to invest. Even the former president, Cristina Fernandez de Kirchner, called him a crypto fraudster.
As a result, the Argentine president is currently involved in a controversy over a fraud scheme. Even an opposition member of parliament named Leandro Santoro said that this scandal embarrassed Argentina in the eyes of the world it required a request for impeachment against the president.
About this, the president did not just stay silent. He responded by forming a special investigation team.
The investigation team is tasked with investigating the launch of the LIBRA token. Not only that, this special investigation team is also tasked with identifying the responsible parties.
Regardless, the hot discussion about the plummeting LIBRA crypto price is still lively. On the other hand, many are curious whether the president can overcome Argentina’s new problem even though the country is struggling to restore its economy while experiencing high inflation. Not a few are also wondering whether the president can clear his name and restore public trust in the government.