Manuel Adorni, one of President Javier Milei\u2019s most trusted aides, claimed last week that an all-in bet on Bitcoin over a decade ago has funded a luxurious lifestyle that is now under scrutiny<\/a>.<\/p>\n Argentina\u2019s well-established crypto community is struggling to buy Adorni\u2019s explanation to rebut allegations of illicit enrichment. A scandal that erupted on a trip to New York this year is now costing Milei, who earned his standing with voters as a leader who vowed to weed out government corruption yet is now defending his administration against its fourth major graft case.\u00a0\u00a0<\/p>\n Adorni, now Milei\u2019s Cabinet chief, says he invested about US$200,000 in Bitcoin sometime between 2013 and 2018 and made roughly US$300,000 in profit. In other words, the 46-year-old says he put what was essentially his entire net worth at the time into one of the world\u2019s most experimental assets and walked away with about US$500,000 \u2013 a 150-percent return.\u00a0<\/p>\n The story of Adorni\u2019s crypto trading came as a surprise to leaders in the local crypto industry, in part because they think someone in their tight-knit community would have noticed his activity given the scale of risk he claims to have taken.<\/p>\n \u201cI don\u2019t know him as a Bitcoiner and I never saw him at a crypto event,\u201d Ricardo Mihura, who has led NGO Bitcoin Argentina since 2016, said by text message.<\/p>\n \u201cNo-one knew him as a Bitcoiner \u2013 not even remotely,\u201d said Nicole Connor, leader of Argentina\u2019s Women in Crypto organisation, who described Adorni\u2019s claims as \u201cinconsistent.\u201d<\/p>\n It is true that Argentines have embraced crypto for years, so Adorni would hardly have been alone in the investing strategy. The South American country is among the world\u2019s top 10 countries for cryptocurrency adoption, driven by inflation, capital controls and deep mistrust of the peso.\u00a0<\/p>\n A spokesman for Adorni didn\u2019t respond to a request for comment.\u00a0\u00a0<\/p>\n Milei has stood by Adorni<\/a> for months despite criticism within his own party<\/a> and broader calls for his resignation that\u2019s raised questions about why he\u2019s sticking with him. Corruption is Argentines\u2019 top concern and Milei\u2019s approval ratings<\/a> remain near the lowest level of his Presidency, according to LatAm Pulse<\/a>, a survey by AtlasIntel conducted for Bloomberg News<\/em>.\u00a0\u00a0<\/p>\n Like Milei, Adorni is an outsider with no prior experience in politics nor professional investing. He started as Milei\u2019s spokesman in 2023, publicly railing against corruption in Argentina\u2019s political class, before being promoted to Cabinet chief last year in a move that irked<\/a> Milei\u2019s ally-turned-rival, former leader Mauricio Macri.\u00a0<\/p>\n Adorni first got into hot water in March when his wife, who doesn\u2019t work in government, flew on the presidential plane for Milei\u2019s \u201cArgentina Week\u201d in New York. Days later, video leaked of Adorni taking a beach vacation weeks earlier on a private jet with his family. Since then, he\u2019s struggled to clearly explain how he paid for his travels as well as a mortgage for his apartment and a weekend home outside Buenos Aires.\u00a0\u00a0<\/p>\n To many Argentines, his crypto rationale is rife with contradictions. For months, Adorni said he didn\u2019t commit a crime, only to concede in a TV interview<\/a> that he had been buying dollars in Argentina\u2019s black market \u2013 technically illegal activity practiced by millions of Argentines who are seldom prosecuted. More recently, video footage resurfaced<\/a> from 2020 where he said he didn\u2019t understand crypto well and \u201cwasn\u2019t very involved\u201d in it.\u00a0<\/p>\n