Claim $500El Salvador’s Bitcoin Adoption is “Overplayed,” says Fidelity Investment Analyst
El Salvador created history earlier this month as Bitcoin became a legal tender in the country. Many crypto proponents called it historic and believe it would create a domino effect on other small financially challenged nations to adopt Bitcoin. However, Jurrien Timmer, a Fidelity Investment analyst believes the significance of El Salvador’s adoption is overplayed.
Timmer’s comment came during his interview with CNBC where he said that it’s definitely an interesting development but not as significant as many would like to believe. He explained that El Salvador continues to use US Dollars and BTC works on the side. He asserted that if El Salvador has dropped US Dollar for Bitcoin, then it would have been a significant event. He explained,
” The development is definitely interesting but I think its significance is a little bit overplayed….its not like they have dropped US Dollar. All the trades are still settled in USD and people can decide between the two, but it is the first real test for Bitcoin as value of exchange.”
The small Central American nation has faced a lot of flak from global monetary bodies such as IMF and World Bank and even credit rating companies have downgraded its financial outlook in the wake of BTC adoption, however, President Bukele led government is confident about Bitcoin adoption.
El Salvador’s Bitcoin Adoption on the Rise
The mainstream media continues to offer a grim picture from El Salvador post its Bitcoin adoption claiming most of the people are unhappy with the decision. But, looking at the number of downloads on the official Bitcoin wallet Chivo, it seems BTC adoption is on the rise in the small nation.
President Bukele has maintained from the start that the decision was based on banking the unbank as 70% of the country’s population lack banking facilities. El Salvador’s BTC adoption has also pushed the likes of Argentina, Paraguay, and few other nations to look at Bitcoin as a bail-out option.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Fed’s Stephen Miran Urges More Rate Cuts In 2026 To Avoid U.S. Recession
- Breaking: $4T JPMorgan Explores Crypto Trading for Institutional Clients as U.S. Banks Embrace Crypto
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
