Milei says he didn’t intend to promote Solana-based LIBRA token, few Argentines lost money: reports

Argentina President Javier Milei said he didn't intend to persuade people to buy the LIBRA memecoin, and he only meant to "spread the word," according to Bloomberg, which cited a television interview the politician participated in on Monday."I’m not an expert. My specialty is economic growth, with and without money," said Milei, according to the report. "As a guy who’s a super technology enthusiast seeing the possibility of a tool to finance entrepreneurs’ projects, I spread the word."Milei also said during the television interview that, at most, "maybe four or five" Argentines lost money, adding that most investors were "Chinese and American," according to DB newswire.The Argentine president quickly faced scrutiny after he appeared to promote the token on X last Friday. Although he later deleted the post, the Solana-based memecoin, which surged to a market cap of roughly $4 billion, then crashed, losing 95% of its value. Milei faces fraud charges over his involvement raising awareness for the Solana-based memecoin."Milei confirmed he met with the people who proposed and launched a so-called memecoin called LIBRA," according to Bloomberg. The president said he hoped to support businesses using crypto.Hayden Davis, an advisor and the self-proclaimed "facilitator" of the Libra project, has accused Milei of triggering LIBRA's collapse by withdrawing his support, although the token had already lost significant value by the time the president deleted his post.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.