The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

World

Argentine president defends his cryptocurrency tweet after crash, comparing losses to gambling

by February 19, 2025
February 19, 2025
Argentine president defends his cryptocurrency tweet after crash, comparing losses to gambling

Argentine President Javier Milei has defended himself for promoting a cryptocurrency whose value collapsed within hours of its launch, likening those who invested in the token after his endorsement to gamblers at casinos.

“The reality is if you go to the casino and lose money, I mean, what is the claim if you knew that it had those characteristics?” he said during an interview with the TN news channel that aired on Monday night.

Milei said he promoted the little-known crypto coin $LIBRA in a tweet on X last week because he believed it would encourage economic growth by funding small businesses.

“I am spreading the word that this is to fund Argentines who do projects and who do not have access to financing,” he told TN.

The price of the coin soared after the president’s endorsement then quickly collapsed, leading to losses for thousands of investors.

Milei deleted his tweet hours after posting it, saying he had doubts about the matter.

Critics have called for Milei’s impeachment and filed multiple criminal complaints against the president, including at least one to the US Department of Justice, alleging an illicit association to commit “an indeterminate number of frauds.”

One complaint against the president, the developers of the cryptocurrency and other named individuals was filed by the Popular Unity political party and others. It alleged that “The biggest MEGA scam in history in this sector was carried out through an operation known as ‘Rugpull’ which occurs when the developers behind a project launch a token and attract investors to increase its value, then abruptly withdraw and take the money.”

The plaintiffs said Monday that a judge has been appointed to look into the complaint.

On Saturday, the firm behind the launch, Kelsier, rejected claims that the project’s backers were scammers.

Asked if he thought he had made a mistake, Milei told TN, “No, because I also acted in good faith.”

Milei insisted that anyone who invested in the coin did so voluntarily, despite his tweet.

“I did not promote it. What I did was I spread it,” he said, adding that he did not benefit from the crypto coin.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
LaFleur Minerals Reminds Shareholders of Rescheduled Annual General and Special Meeting
next post
‘Promises kept’: Trump signs executive order to ‘aggressively’ make IVF more affordable and accessible

You may also like

Ukrainians have learned to live with power blackouts....

Wildfires that are turning neighborhoods to ash are...

German President asks for forgiveness in Tanzania for...

Ukraine launches drone attacks targeting Russian energy infrastructure,...

What we know about the killing of 3...

‘A death sentence’: British doctor flees Gaza but...

Video shows man in military fatigues shooting mentally...

How Asake developed a boundary-pushing sound that’s changing...

How US warships are shooting down Houthi drones...

From convict to combatant, Ukraine enlists prisoners to...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Sycamore Gap: Two men convicted of felling one of UK’s most famous...

    • Putin, Xi and friendly world leaders celebrate Russia’s Victory Day at Moscow Parade

    • Ellen Miles is planting seeds of hope through guerrilla gardening

    • US Policy Momentum, Clinical Progress Fueling Psychedelics Market in 2025

    • China has spent billions developing military tech. Conflict between India and Pakistan could be its first major test

    Categories

    • Business (1,633)
    • Investing (4,791)
    • Politics (7,535)
    • World (6,128)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top