The 63-year-old American economist known as "Dr. Doom" has called for the impeachment of El Salvador's President, Nayib Bukele, for a Bitcoin bet on his country's fate. Since predicting that Bitcoin will trade at $0 during the crypto winter of 2018, Nouriel has been a vocal opponent of the cryptocurrency.
"El Salvador's experiment with Bitcoin is an unmitigated disaster," said Nouriel Roubini in a statement. "Whoever held BTC lost 50%, and those who held BTC lost 50%, and those who held BTC lost 50%, and those who held BTC lost 50%, and those who held BTC lost 50%, and those who held BTC lost 50%, The nation spread is at an all-time high, and the government is on the verge of default. They should impeach that knucklehead @nayibbukele, a bankrupt president!"
El Salvador's credit rating was downgraded from B3 to caa1 in January, preventing it from receiving a $1.3 billion IMF lending line due to its interest in buying Bitcoin.
Analyst Jaime Reusche of the financial credit rating agency supports the financial credit rating establishment's position, saying in an interview with Bloomberg that the country's fiscal rating would continue to deteriorate, if Bukele continues his stance on investing in cryptocurrency. According to Jamie, "If it rises significantly, the issuer's repayment capabilities and fiscal profile would be jeopardized even further."
This comes after the country's $800 million in dollar-denominated bonds, which mature in January 2023, saw a 34 percent increase in yield due to Bitcoin's downward trend earlier this month. El Salvador's debt performance is now the worst in the world.
The opposition is baffled by Bukele's ambitions to develop a "Bitcoin City" using monies obtained from planned Bitcoin bonds, despite the fact that the country's Bitcoin investment has been reported to lose more than $20 million.