Argentine President Javier Milei’s crypto-friendly party has won the recent midterm election, positioning him as a leading contender for the October 2027 presidential race and strengthening his push for free-market policies.
Milei’s La Libertad Avanza party secured 40.68% of nearly 99% of votes counted, outperforming the Peronist party, according to local news outlet La Nación. Notably, the victory included a win in Buenos Aires province, an area that has historically favored the Peronist party. This outcome marks a significant shift from September, when Milei’s party suffered a lopsided loss to the Peronists in the Buenos Aires provincial election.
A key development since then has been Argentina’s $20 billion currency swap with the United States, reinforcing economic ties with one of its biggest allies despite ongoing domestic uncertainties.
While the Peronist party continues to hold a congressional majority, these midterm results reaffirm Milei as a frontrunner for Argentina’s upcoming presidential election in October 2027.
### Milei’s Economic and Crypto Policies
As a former economist, Milei has concentrated much of his efforts on promoting free markets, reducing inflation, and advocating for reduced state intervention. In December 2023, he played an instrumental role in legalizing contracts settled in Bitcoin (BTC) and other cryptocurrencies, showcasing his commitment to crypto-friendly policies.
### The Libra Scandal and Its Impact
However, Milei’s crypto policy achievements have been overshadowed by his involvement in the Libra (LIBRA) token corruption scandal earlier this year. The LIBRA token, launched by Kelsier Ventures CEO Hayden Davis, briefly soared to a $4.6 billion market cap following a controversial post by Milei on X, which mentioned the token. The market cap then plummeted by 94% within hours, sparking allegations of insider trading and market manipulation.
Argentina’s corruption watchdog has since cleared Milei of any wrongdoing, but public trust has still been affected.
### Public Perception of Milei
According to data from Argentine polling platform Zuban Córdoba, Milei’s public image declined from 47.3% in November to 41.6% in March amid the crypto scandal. Further data from October, gathered by center-left pollsters, reveals that 63.2% of Argentines now view Milei negatively—a significant increase of over 21 percentage points since March.
It is worth noting that Zuban Córdoba is widely critical of far-right and libertarian policies, which may influence these polling results.
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Milei’s recent electoral success and ongoing controversies highlight the complex and evolving political landscape in Argentina as the 2027 presidential race approaches.
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