Part 3/8:
Milei took to his official X (formerly Twitter) account on the day of Libra's launch to promote the coin. His tweet suggested that the initiative would encourage economic growth by offering financial support to small businesses. Given Milei's significant social media following and status as President, his post sent Libra's value skyrocketing. Shortly thereafter, however, Milei deleted the tweet and claimed ignorance of the project, distancing himself from the initiative amidst rising skepticism and allegations of fraud.
This swift retraction did little to stabilize Libra, which plummeted in value as traders rapidly liquidated their assets. It became clear that the sudden interest generated by Milei only served the insiders who orchestrated the scheme.