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Argentina’s President Javier Milei has rapidly backtracked after selling a cryptocurrency coin Friday that the self-described “anarcho-capitalist” stated may enhance the nation’s flagging financial system.
After Milei touted the coin — often known as Libra — its worth skyrocketed by greater than 2,000% in simply 40 minutes earlier than cratering.
Milei — who has extensively been credited with taming Argentina’s rampant inflation since taking workplace in 2023 — stated he had ordered an investigation into the incident, which opposition lawmakers decried as “a scandal with out precedent.”
Libra’s rise and fall mirrors the arcs of the assorted crypto cash linked to US President Donald Trump and his household, which additionally noticed speedy good points and early traders money out, whereas late adopters had been left with as a lot as $2 billion in cumulative losses, The New York Instances reported.
