On February 15th Mr Davis called himself “Javier Milei’s adviser” and said that he was “working with him and his team”. Mr Milei’s office has said the government has no connection to Mr Davis. This was not Mr Milei’s first brush with crypto controversy.

The Argentine president is scheduled to meet with the head of the IMF to secure more funding, and hopes to meet with Donald Trump at the Conservative Political Action Conference

An estimated 86% of crypto traders that took positions in a memecoin endorsed by Argentine President Javier Milei on Friday ended up losing money, according to research firm Nansen.