Argentina's President Javier Milei has experienced a significant decline in public approval following the "cryptogate" scandal, according to a new national survey by the University of San Andrés (Udesa). Nevertheless, his party maintains a competitive position ahead of the October legislative elections.

The survey, conducted between March 11-20 with 1,020 respondents nationwide and a margin of error of +/- 3.15%, revealed widespread discontent with the country's direction. Only 36% of respondents expressed happiness with the nation's current situation, while 61% reported dissatisfaction, Perfil noted.

Government performance ratings in the report showed concerning trends for Milei's administration. Executive approval fell to 31%, while other institutions fared even worse: the Judiciary (16%), Senate (14%) and Chamber of Deputies (13%). Presidential approval dropped to 45%, with disapproval reaching 52%.

Argentines identified crime (40%), poverty (32%) and low wages (29%) as their primary concerns. Looking back, 42% believe the country is worse off than a year ago, while 35% see improvement. Future expectations are mixed, with 39% anticipating improvement next year and 33% expecting deterioration.

The popularity of fellow government figures has also declined, though Milei remains at the top with a 43% positive rating, followed closely by Vice President Victoria Villarruel (42%) and Security Minister Patricia Bullrich (40%).

The “cryptogate” scandal involving Milei's promotion of the fraudulent $LIBRA memecoin was viewed negatively by 71% of respondents. Additionally, 54% rejected his attempt to appoint Supreme Court judges by presidential decree.

Despite these challenges, Milei's right-wing libertarian party La Libertad Avanza remains competitive electorally. When asked about legislative voting intentions, the ruling party and opposition each garnered 29% support. By political force, La Libertad Avanza leads with 27%, followed by the Peronist Justicialist Party at 24%.

These results suggest that while Milei's honeymoon period may be ending, his political movement retains substantial support in a deeply polarised electoral landscape, potentially setting the stage for a closely contested legislative election in October.

Meanwhile, over 120 people were arrested earlier this month amid running battles between riot police and hundreds of Argentines, including numerous football fans, who turned out in support of pensioners protesting falling living standards.

The protests came after lawmakers gathered to vote on a decree giving Milei's government the power to agree on a new 10-year loan with the International Monetary Fund, on top of the $44bn that Argentina already owes to the Washington-based lender.