More and more campaigns on social media are calling for people to buy a small amount of Bitcoin in support of El Salvador’s plan to make tokens legal tender.
More and more campaigns on social media are calling for people to buy a small amount of Bitcoin in support of El Salvador’s plan to make tokens legal tender.
Users on platforms such as Twitter and Reddit are discussing plans to collectively buy $30 worth of Bitcoin on September 7 to commemorate the effective implementation of the Bitcoin law in El Salvador. The potential synergistic price increase echoes the previous online activity against memetic stocks such as GameStop.
El Salvador has begun to install Bitcoin ATMs, allowing citizens to exchange tokens into U.S. dollars, and the government has also established a 150 million U.S. dollar fund to support Bitcoin exchanges into U.S. dollars.
Salvadorans will be able to download the government’s digital wallet, enter their ID number and receive $30 in Bitcoin, Finance Minister Alejandro Celaya told local media last month.
Vijay Ayyar, head of the Singapore-based cryptocurrency exchange Luno Asia Pacific, said that for users, actually coordinating and executing such a plan will be a challenge.
“Speaking is very different from actually doing it,” he said.
Bitcoin has been performing strongly recently, soaring to nearly $52,000 on Monday, hitting its highest level since May. This comes as the crypto industry recovers more broadly from its rout earlier this year.
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