- Nobel Prize-winning economist Nouriel Roubini called Nayib Bukele a “guilty president” and said he should be removed from office.
Nobel Prize winner Nouriel Roubini reiterated his criticism of El Salvador’s President Nayib Bukele, claiming that Bukele deserved to be removed from office for causing the country to “bankrupt” with his Bitcoin gambling.
“El Salvador’s experiment with Bitcoin is a disaster: everyone who owns BTC has lost 50% of their investment, the country spread has skyrocketed, and the government is on the verge of bankruptcy. They should dismiss that clown, nayibbukele, who bankrupted the country!”
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
Earlier this month, financial services firm Moody’s reported that El Salvador’s audacious Bitcoin bet will prevent El Salvador from securing its much-needed $1.3 billion loan from the International Monetary Fund (IMF) it expects to receive. downgraded his grade.
Moody’s analyst Jaime Reusche also told Bloomberg that increased government exposure to Bitcoin will only worsen El Salvador’s financial profile.
El Salvador has $800 million worth of bonds that expire in January 2023. Due to debt issues and the uncertainty surrounding Bitcoin, the yield on these bonds rose to 34% earlier this month. The country had the worst performance in the world in 2021
Struggling with the most troubling government debt around the world, El Salvador now plans to issue Bitcoin-denominated “volcano bonds” in partnership with blockchain developer Blockstream and iFinex, the parent company of Tether and Bitfinex. Some of the funds raised will be used to build a libertarian city called “Bitcoin City”.
Bukele faced backlash during a dramatic Bitcoin panic-sell on Saturday. The country’s “coolest dictator” is estimated to have lost more than $20 million buying Bitcoin with treasury funds.
According to U.Today, Bukele faced backlash during a dramatic Bitcoin sale on Saturday. The “coolest dictator” is estimated to have lost more than $20 million buying Bitcoin with the country’s treasury funds. However, despite this price drop and criticism, the “El Salvador CEO” continued his Bitcoin buying spree and collected over 400 more BTC at the low price.