Politician-linked meme coins backfire after Libra scandal
Javier Milei's support before crashing is the latest in a series of politically endorsed meme coins facing a backlash.
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The Libra cryptocurrency was launched in Argentina last Friday, after U.S. President Donald Trump and his wife released cryptocurrencies named after themselves three days before Trump's inauguration on January 20. Central African Republic's President Faustin-Archange Touadera also created an official meme coin earlier this month.
Meme coins are crypto tokens named after popular internet trends or people. While most never take off, some catch on: dog-themed Dogecoin, which soared when billionaire Elon Musk began tweeting about it in 2020, remains the eighth-biggest cryptocurrency.
While some crypto executives cheer the tokens' ability to attract new investors, others say the politician-linked coins go too far, and risk harming the industry's attempts to improve its image after years of scandals.
«It's a very controversial topic,» said Thomas Puech, CEO of Miami-based crypto fund INDIGO.
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