And he did it quite successfully. Libra's memecoin capitalization reached $4.5 billion at one point, but then crashed by 95%. Thousands of people in one of the poorest countries in Latin America lost all their money and savings.
Miley has intelligently stayed away from the subject and remained silent all these days.
Yesterday, however, he commented for the first time on the LIBRA memecoin scandal, whose collapse led to multimillion-dollar losses, lawsuits and even impeachment demands.
In an interview with Todo Noticias, Miley admitted that he had met with the project's organizers, but also said that he wasn't trying to convince people to buy the token, but was only "sharing the opportunity to fund entrepreneurs."
He noted that as a technology advocate, he saw LIBRA as a promising tool, but now realizes he needs to "put more filters" in place to limit access to himself.
The scandal erupted after Miley posted about LIBRA on Friday, causing the token to skyrocket to $4.5 billion. However, insiders soon sold assets on top of them, earning more than $100 million, and the price then plummeted by 95%. Miley deleted the post and distanced himself from the project, but the opposition used the situation to put pressure on him, and investors demanded compensation for the losses.
Argentina's Economy Minister Luis Caputo called the incident a "mistake" but assured that the scandal would not affect the economy. Nevertheless, Argentina's stock market plunged 5.6%, the biggest one-day drop since July.
Meanwhile, an Argentine court appointed a judge to hear more than 100 cases filed against Miley. The law firm Moyano & Asociados filed a complaint with the US Securities and Exchange Commission (SEC) against LIBRA.
Kelsier Ventures CEO Hayden Davis, whose company is involved in the token's launch, says the cryptocurrency was created with the help of the president's team, but not Miley himself. He said he feared for his safety and insisted he didn't know exactly who was behind the manipulation.
According to Bloomberg, despite the scandal, Miley maintains plans to visit Washington, where she hopes to meet with Donald Trump and discuss IMF support for Argentina.
By the way, Trump's memecoin also crashed after it peaked, but Trump's popularity is much higher than Miley's. Besides, the project was led by experienced market makers, not Kelsier Ventures with Hayden Davis at the helm.
It remains to be hoped that Miley's example will be instructive for the leaders of other countries and we will not see the memes of Macron, Scholz and Merz.