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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