What is Libra Crypto? Everything You Need To Know

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Written by C, Fiona
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Last updated: 03/25/2025 15:12

President Javier Milei of Argentina has come under fire for supporting $LIBRA, a cryptocurrency token whose value skyrocketed and then plummeted in a matter of hours, causing losses for a number of investors.

 

With the country’s opposition parties calling for Milei’s impeachment, the development has ignited a political firestorm.

 

According to Milei’s principal political rival and former president of Argentina, Cristina Fernández de Kirchner, thousands of people who had put their trust in him lost millions of dollars overall, “while many made fortunes due to privileged information.” Milei has refuted the claim that he advertised a hoax, though.

 

 

Here are some facts about the $LIBRA token and the reasons it has generated so much controversy in the South American nation.

 

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What is $LIBRA?

 

Businessman and chief executive officer of cryptocurrency investment firm Kelsier Ventures, Hayden Davis, is reportedly the issuer of the $LIBRA token (Bloomberg). Also allegedly involved in the creation of $LIBRA is KIP Protocol, a Web3 business developing a decentralized AI platform.

 

On the other hand, KIP asserts that it was only asked “to manage / oversee the selection of funded tech projects and provide technical infrastructure for AI initiatives” after $LIBRA had already been launched.

 

According to memecoin traders, the Solana blockchain platform’s high transaction speeds and minimal costs make it a popular choice for hosting the crypto token.

 

 

 

A website called vivalalibertadproject.com, which Milei frequently uses to close his presidential addresses and social media posts in Spanish, was linked to as an option to buy the token. The name of Milei’s political party, La Libertad Avanza, is echoed by $LIBRA as well.

 

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President Milei and $LIBRA: What’s the Connection?

 

On Friday night, February 14, Milei posted to social media about how $LIBRA would boost the Argentine economy and assist small businesses in expanding. “Incentivize the growth of the Argentine economy, funding small companies and Argentine ventures,” he stated, providing a link to the token’s website.

 

The $LIBRA token was produced just minutes before Milei’s post on X, and the website linked in the post was registered on the same day, according to CNN.

 

“Freedom in Argentina is on the rise!” “The world wants to invest in Argentina,” Milei continued in a post from his official X account, which boasts over 3.8 million followers.

 

Upon its first release, the trading price of $LIBRA was nearly nothing, and a small number of digital wallets owned the majority of the currency. Coin price reached $5 and market valuation soared over $4 billion following the president of Argentina’s endorsement.

 

A Community Note prompted users to “verify before interacting with the project” due to behavior that could be described as “with a rug pull.” This warning was posted shortly after on the president’s X page. Cryptocurrency investors use the term “rug pull” to characterize scam offerings from developers who create a token, entice investors, and then abruptly vanish with all their money.

 

Milei denied any involvement with the $LIBRA token and eventually deleted the original X post. “I had no idea what was going on with the project until I learned about it, and then I chose not to spread the word any further,” he explained.

 

Its worth plummeted to pennies in the three hours that followed. Reportedly, the token’s market cap dropped by more than $4.4 billion in the following five hours.

 

 

 

 

Some $LIBRA insiders started making money out of the launch within three hours. Bubblemaps reports that in the first three hours, $87.4 million was paid out. In addition, the global capital markets analysis organization The Kobeissi Letter stated in an X post that 82% of $LIBRA was owned in a single cluster and that no tokenomics were disclosed to the public.

 

The token’s creator, Hayden Davis, has admitted that he has kept some of the gains despite the drops.

 

 

 

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What did it Mean for Politics?

 

Milei returned to social media on Saturday night, February 17, to explain his support of $LIBRA as just another one of his “daily” statements about Argentine entrepreneurs looking to start companies that will generate jobs.

Although he insisted he had nothing to do with the token’s introduction, he did say he had met twice over it (in October 2024 and January of this year).

The same day after, Milei’s office declared that they will be conducting an official investigation into the situation. In order to ascertain whether any official, including the president, engaged in inappropriate behavior, “President Javier Milei has decided to immediately involve the Anti-Corruption Office,” as said in the announcement.

The Union for the Homeland coalition and other opposition parties in Argentina have condemned Milei for the incident and threatened to initiate impeachment procedures against the president.

 

The demise of $LIBRA was attributed by Hayden Davis to Milei as well. “In spite of earlier promises, Milei and his team decided to change their minds, pull their support, and remove all social media posts,” he stated.

 

The $LIBRA debate has drawn parallels to the $Trump memecoin, which US President Donald Trump and First Lady Melania Trump launched on January 17, as well as to other memecoins.

The memecoin was promoted by Trump during the launch as a means “to celebrate everything we stand for: WINNING!” by the president to his followers. $Trump is neither “an investment opportunity” or “a security,” rather it is a method to demonstrate support for Trump, according to the memecoin’s official website.

 

Lawmakers and ex-officials in the United States were worried that these memecoins would increase Trump’s personal wealth, which would be unethical and illegal.

Rumor has it that Milei and Trump are set to meet in Washington DC this week to talk about a lot of things, including whether or not Argentina should be spared from tariffs and whether or not the South American country should get extra funding from the IMF.

 

 

 

 

 

 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and are for informational purposes only. They do not constitute investment, legal, or any other professional advice. The content does not represent the official position of BTCC and should not be interpreted as an endorsement or recommendation of any specific product or service.
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