Economist Fausto Spotorno criticized Javier Milei's team for not verifying the $LIBRA project before promoting it. Spotorno pointed out that the government made a mistake by spreading this "memecoin" as a utility currency. The analyst emphasized that Milei acted in good faith, but his team made a concerning error. Palma Cané also criticized the situation, warning that this will not have free consequences.
According to Spotorno, the impact of the cryptocurrency scandal on the markets is relative, and he indicated that the biggest current concern is the bond market, which is influenced by the exchange controls. The economist highlighted the importance of controlling the exchange gap and the value of the dollar, sensitive elements in the current economy.
Spotorno mentioned that the Argentine bond market is too large compared to the rest of the capital market. He stated that it will be complicated for the bonds to increase in value without lifting the exchange controls. Regarding the promotion of $LIBRA, Spotorno clarified that Milei acted in good faith but stressed that memecoins should not be presented as traditional investments. The analyst emphasized the differences between cryptocurrencies like Bitcoin, Ethereum, and Solana, which operate in a secure blockchain system, and memecoins, which are more of an entertainment form.
The scandal surrounding $LIBRA, promoted by Javier Milei, has generated a political crisis in the Argentine government. Fausto Spotorno emphasized that investors who lost money were not exempt from knowing the risks involved with a memecoin. Despite the accusations and criticisms, Spotorno believes that the impact of this event has not significantly affected the president's image, as the attention focuses on other aspects such as negotiations with the IMF and the lifting of the exchange controls.
