Argentine President Javier Milei’s crypto-friendly party has clinched victory in the country’s midterm elections, reinforcing his position as a frontrunner for the October 2027 presidential race and strengthening his mandate to advance free-market reforms.
Milei’s La Libertad Avanza party captured 40.68% of the vote, with nearly 99% of ballots counted, defeating the long-dominant Peronist party, according to local outlet La Nacion. The win included a key breakthrough in Buenos Aires province — a traditional Peronist stronghold.
The outcome marks a sharp turnaround from September, when Milei’s party suffered a heavy loss in the same province. Since then, Argentina has finalized a $20 billion currency swap with the United States, a move that has deepened economic ties with one of its key allies despite ongoing domestic turbulence.
Although the Peronist party still holds a congressional majority, the midterm results reaffirm Milei’s status as the leading contender for Argentina’s 2027 presidential election.
A former economist, President Javier Milei has centered much of his agenda on promoting free markets, curbing inflation, and reducing state intervention in Argentina’s economy. In December 2023, he also helped pave the way for contracts to be settled in Bitcoin and other cryptocurrencies.
Milei’s involvement in the Libra scandal dented public trust
However, his pro-crypto stance has been overshadowed by his involvement in the Libra (LIBRA) token scandal earlier this year.
The LIBRA token — created by Kelsier Ventures CEO Hayden Davis — surged to a $4.6 billion market cap after Milei mentioned it in a controversial X post. Within hours, the token crashed by 94%, prompting accusations of insider trading and market manipulation.
Milei later said he merely wanted to “spread the word” about the token and denied promoting or endorsing it. Argentina’s corruption watchdog has since cleared him of any wrongdoing.
Polls show Milei’s image has suffered
Despite the clearance, the scandal has taken a toll on his popularity. Data from Argentine polling firm Zuban Córdoba shows Milei’s favorability fell from 47.3% in November to 41.6% in March following the controversy.
By October, the same center-left pollster reported that 63.2% of Argentines viewed Milei negatively — a jump of more than 21 percentage points since March. However, it’s worth noting that Zuban Córdoba is known for its criticism of far-right and libertarian figures like Milei.
