El Salvador’s adoption of Bitcoin (BTC) as legal tender has received widespread praise in the crypto ecosystem, but one expert believes the importance of implementing it is slightly exaggerated.
Speaking to CNBC, Jurrien Timmer, director of Fidelity Investments, said the extent of the Bitcoin movement in El Salvador was “a little exaggerated”.
“Because El Salvador did not devalue the US dollar,” explains Timmer. “It’s not like it starts out from dollars when its currency is pegged to Bitcoin.”
He recalled that the country still has a dollar and people can choose whether to be paid in dollars or in dollars, adding that adoption is voluntary. However, while Bitcoin payments are voluntary in El Salvador, local merchants in the country must accept and process BTC transactions.
Related: September 7th is “Bitcoin Day” in El Salvador, when BTC becomes legal tender
The Fidelity CEO compared Bitcoin’s current moment to a gold-like “youth” in the 1960s:
“Although it’s the opposite; because gold went from money to asset in the 1970s. Bitcoin is trying to go from an asset to a currency or a currency. “
As Cointelegraph reported, El Salvador made history on September 7th by implementing legal tender for Bitcoin. The government also offers a government-issued wallet called the Chivo.
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