President Javier Milei’s La Libertad Avanza party won Argentina’s midterm elections, getting 40.68% of the votes counted so far. This strengthens Milei’s position ahead of the October 2027 presidential election. This triumph changes things for the better after Milei lost in September in Buenos Aires province, which is a traditional stronghold of the Peronist party. 

The victory in Buenos Aires shows that more people are supporting Milei’s libertarian ideals, and it opens the door for further dramatic economic changes in Argentina, which has been dealing with inflation and market instability for a long time. ​

Free Markets and Crypto Policy Take Center Stage

Milei has been successful because he is pushing for free-market reforms and is open to cryptocurrencies. Since he took office, he has pursued policies that lower inflation and limit the government’s role in the economy. 

He has also worked hard to make Bitcoin transactions legal. Milei was especially important in December 2023 when he made it lawful to settle contracts in Bitcoin and other digital assets. This was a breakthrough regulation that drew significant attention worldwide and made Argentina a leader in Latin America’s use of cryptocurrencies. ​

His support for Bitcoin goes beyond mere talk. Milei’s government has strengthened economic relations with critical global partners. For example, the $20 billion currency swap with the United States was meant to help stabilize Argentina’s troubled banking sector. These measures make him look better to younger, tech-savvy voters and businesspeople who want new ways to handle money. ​

The LIBRA Token Scandal Casts a Shadow Over Milei’s Successes

Even though things have improved, Milei’s reputation has been damaged by the LIBRA token corruption affair. In February, the LIBRA token, launched by Kelsier Ventures CEO Hayden Davis, reached a market cap of $4.6 billion after Milei made a critical social media post about it. The 94% drop that followed sparked serious accusations of insider trading and market manipulation. 

Milei has strongly denied marketing the token, saying he just “spread the word.” However, public faith has been shattered, and Argentina’s corruption authority has launched an investigation that found Milei was not guilty. ​

The incident still haunts Milei’s government, underscoring how risky and difficult it can be to use cryptocurrencies at the national level. As Argentina seeks greater respect in global financial markets, it has become clearer that crypto transactions need to be closely monitored and made transparent. ​

Public Opinion: A Split Argentina

La Libertad Avanza’s midterm results strengthen Milei’s political power, but polls show that more and more people are becoming doubtful. Zuban Córdoba says Milei’s approval ratings have dropped significantly since the crypto controversy, from 47.3% in November to 41.6% in March. 

According to the most recent October data from center-left pollsters, 63.2% of Argentines now have a bad opinion of Milei, which is more than 21 percentage points higher than in March. But these polls should be viewed in light of criticisms of ideological bias, especially given that Zuban Córdoba is still opposing far-right and libertarian policies. ​

Looking Ahead: The Focus is on Crypto and Free Markets

Milei’s election in the middle of the term shows that Argentines still want economic reform and new ideas in crypto. But his government has a hard time rebuilding public trust and figuring out how to regulate digital assets.

With the next presidential election in 2027, Argentina’s banking system and its potential as a crypto hub in Latin America are both up in the air.