The President of Argentina, Javier Milei, posted a message on the X social network last Saturday highlighting a "private venture" of a cryptocurrency token that operates on blockchain technology, but shortly after deleted it and offered apologies after learning about the possible connection of this token to virtual scams, as reported by Efe.
"A few hours ago, I posted a tweet, as I have done countless times, supporting a supposed private venture with which I obviously have no connection. I was not aware of the details of the project, and after informing myself, I decided not to continue promoting it (that's why I deleted the tweet)," Milei stated in a message posted after midnight.
The "venture" Milei was referring to was a 'meme coin', a term used in the digital world for cryptocurrencies that lack real economic support and capitalize on the enthusiasm surrounding a phenomenon or person on social media.
"The Liberal Argentina grows! This private project will focus on promoting the growth of the Argentine economy by funding small Argentine companies and ventures. The world wants to invest in Argentina," Milei indicated hours before, a message that was deleted by the president.
On the other hand, KIP Protocol, the company behind the venture mentioned by Milei, stated in statements reported by the local newspaper La Nación that the president "was not and is not involved in any way in the development of the project, which is entirely private."
The company, owner of the cryptocurrency 'Libra', experienced a rise in value after Milei's message, but hours later the excitement plummeted.
According to analysts cited by the same newspaper, the vast majority of 'meme coins' are projects that "die shortly after birth" and are vulnerable to scams since creators can suddenly abandon the project, leaving the currency without liquidity.