HomeCryptoEl Salvador adoption a ‘coming of age’ for Bitcoin, says Fidelity exec

El Salvador adoption a ‘coming of age’ for Bitcoin, says Fidelity exec

El Salvador’s adoption of Bitcoin (BTC) as authorized tender is extensively celebrated throughout the crypto ecosystem, however one professional believes the significance of the rollout was a little bit exaggerated.

Speaking to CNBC, Fidelity Investments director Jurrien Timmer mentioned that the importance of El Salvador’s Bitcoin transfer is “a little bit overplayed.”

“Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Timmer defined. “It’s not like it switched from dollars as its currency peg to Bitcoin.”

Reminding that the nation nonetheless has the greenback and folks can resolve to be paid in {dollars} or pay in {dollars}, he added that the adoption is on a voluntary foundation. However, whereas paying in Bitcoin is voluntary in El Salvador, native retailers within the nation are mandated to simply accept and course of BTC transactions.

Related: Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC turns into authorized tender

The Fidelity exec in contrast Bitcoin’s present second to an “adolescent’s coming of age” like gold was within the Nineteen Sixties:

“Although it’s in reverse; because gold went from being money to being an asset class in the seventies. Bitcoin is trying to go from being asset class to also being a currency or being money.”

As Cointelegraph reported, El Salvador made historical past on Sept. 7 by making Bitcoin authorized tender. The authorities additionally offered a state-issued pockets named Chivo.