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El Salvador President Should be Impeached for Bitcoin Bet-Says “Dr. Doom”

El Salvador President Market News
  • Nouriel Noubini nicknamed “Dr. Doom” demands the impeachment of El Salvador President.
  • Moody’s analyst says that Bitcoin investment is unhealthy for the country’s financial rating.
  • Nayib Bukele plans Bitcoin bonds irrespective of opposition from critics.

Nouriel Roubini, the 63 years American Economist with the nickname “Dr.Doom” has demanded the impeachment of the President of El Salvador, Nayib Bukele for Bitcoin bet on his country’s fortune. Nouriel had been a known critic of Bitcoin since he forecast that Bitcoin would trade at $0 during the crypto winter of 2018.

In a statement, Nouriel Roubini said :

“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!”

This comes after Moody’s credit rating of El Salvador was maintained at caa1 in January following its downgrade from B3 in July 2021 to prevent it from accessing an International Monetary Fund (IMF) credit facility worth $1.3 billion because of its interest in Bitcoin.

Maintaining the position of the financial credit rating establishment is its analyst Jaime Reusche, who in an interview with Bloomberg noted that this present rating shows that the country’s fiscal rating would continue to reduce if Bukele maintains his stance on Bitcoin investment. Jamie said:

“If it gets much higher, then that represents an even greater risk to repayment capacity and the fiscal profile of the issuer.”

This comes after the country’s $800 million worth of dollar-denominated bonds that are due in January 2023 had 34% spike in yield earlier this month due to Bitcoin’s downward trend. El Salvador, presently has the worst debt performance in the world.

Bukele remains unfathomed by the opposition, though the country has been estimated to have lost over $20 million in their Bitcoin investment as he plans to build a “Bitcoin City” through funds raised from proposed Bitcoin bonds.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.