Crypto expert Santiago Siri called the cryptogate an "international joke" and delved into the technical issues of the case. According to Siri, the president implemented a memecoin, a cryptocurrency traded on the Solana blockchain with very low fees, which generally lack real backing beyond being a joke or a meme for speculative purposes.
Siri highlighted that these types of cryptocurrencies depend on social media influencers and celebrities to generate speculative bubbles. In this sense, by promoting the memecoin on his social media, the president contributed to creating a large speculative bubble around the cryptocurrency.
The expert pointed out irregularities and sloppiness in the launch process of the memecoin, such as the uneven distribution of the coins, with 70% allocated to just two addresses, which he considered very unprofessional. Additionally, he emphasized that trades made ahead of the president's announcement led to speculation that resulted in a collapse in the value of the cryptocurrency.
Santiago Siri also mentioned that President Milei should provide clear explanations given his public and ethical role. He also recalled instances of the economist promoting trading sites in the past and his connection to the company KIP Protocol, which implemented the memecoin in question.
Finally, the expert expressed his disappointment at the president's lack of knowledge on crypto issues and warned that the situation was unnecessary and embarrassing on an international level.
