Mark Mobius: El Salvador Is Wrong to Push BTC. Legendary investor Mark Mobius doesn't think much of bitcoin.

10 Sep 2021, 08:00

Mark Mobius: El Salvador Is Wrong to Push BTC Legendary investor Mark Mobius doesn’t think much of bitcoin. He also doesn’t think much of El Salvador’s decision to make bitcoin legal tender. In a fiery new interview, he says that the Central American country is likely to stand on its own in this department, and he doesn’t see other countries following suit when it comes to digital currency. Mark Mobius on El Salvador’s BTC DecisionsEl Salvador first declared in June that it was going to make bitcoin legal tender. The country, up to this point, had long depended on the U.S. dollar to operate within the global financial system, though the nation eventually sought new ways to bring about financial freedom and independence. Thus, the country turned to bitcoin, and claimed that customers could walk into any shop or establishment to utilize bitcoin in the same way they would the U.S. dollar. However, not everyone was a fan of this idea, including the World Bank which refused El Salvador’s request for assistance with its bitcoin agenda implementation, claiming that the asset was too volatile as the reason for saying no. Nevertheless, El Salvador was quick to revert to its own unique methods of implementing bitcoin, and now it looks like the country has proved all its naysayers wrong.