Argentina's President Javier Milei admitted making a mistake on Saturday after promoting a cryptocurrency whose value soared and then crashed, with his office announcing an "urgent investigation".

According to news outlets, Milei posted a message on social media platform X Friday evening, praising a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs."

"The world wants to invest in Argentina. $LIBRA," the post reportedly said, naming the cryptocurrency along with a website for the project.

Hours later, Milei deleted the message, saying: "I did not know the details of the project and after learning about it, I decided not to continue........

© International Business Times