Nouriel Roubini calls for impeachment of El Salvador’s president amid Bitcoin decline

Renowned economist and Bitcoin critic Nouriel Roubini has urged El Salvador’s government to impeach President Nayib Bukele over his investments in the leading cryptocurrency.

‘El Salvador’s Bitcoin experiment is a real disaster: BTC holders have lost 50% of their [portfolio],’ he wrote.

El Salvador’s experiment with Bitcoin is an unmitigated disaster: whoever held BTC lost 50%, the country spread is thru the roof and the sovereign is near bankrupt. They should impeach that buffoon @nayibbukele, a criminal president who is bankrupting the country!

— Nouriel Roubini (@Nouriel) January 23, 2022

According to Roubini, El Salvador is edging toward bankruptcy. He also called Bukele a buffoon and a criminal president.

On January 22, against the backdrop of a cryptocurrency market correction, acquired 410 BTC. According to Bukele, the purchase cost the country $15 million at an average price of $36,585.

That same day, the crypto community calculated that the $85.5 million invested by El Salvador in Bitcoin was valued at $64.8 million. The paper loss amounted to $20.7 million.

El Salvador is now down over $20 million since investing in #Bitcoin pic.twitter.com/itA4w6KQm2

— Jacob King (@JacobOracle) January 21, 2022

On January 23, Bukele changed his Twitter avatar, adding a cap and the badge of the fast-food restaurant McDonald’s to his photo. He joked about further declines in the price of Bitcoin.

#NewProfilePic pic.twitter.com/YVDlBoA2Cq

— Nayib Bukele 🇸🇻 (@nayibbukele) January 22, 2022

On January 24, Bitcoin fell to $33,000. At the time of writing, the leading cryptocurrency was trading at around $33,400.

Earlier in January, El Salvador’s government adviser Monica Taher said the country was studying the possibility of providing loans backed by Bitcoin to small and micro businesses.

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