There had been a rising movement on the internet community calling for individuals to buy Bitcoin. This is to support El Salvador’s plan to adopt Bitcoin currency as a legal tender. Users on various platforms like Reddit and Twitter are deliberating on purchasing Bitcoin worth $30 en masse.
They scheduled the buying on September 7th to mark the enforcement of El Salvador’s Bitcoin law. The potential price pump was coordinated and echoed the former online campaigns. It targets meme stocks such as GameStop Corp.
Bitcoin is a decentralized cryptocurrency or virtual money without a central bank or single administrator. It has a native BTC token, and you can send it from user to user on the peer-to-peer bitcoin network. This implies that you can buy, sell and exchange it directly, without an intermediary like a bank.
According to Alex Gladstein, it’s evident that Brazilians and people in other parts of the world have the same Bitcoin plan.
They intend to convert their traditional currency worth $30 into BTC on Tuesday, September 7th. This is to commemorate the intention of El Salvador’s law to make the debasement-proof, open-source, decentralized currency legal.
Related Reading | Tensions Grow In El Salvador Over The Bitcoin Gamble
El Salvador is the smallest and most densely populated of the seven Central American countries. They have started installing Bitcoin ATMs to enable their citizens to convert the BTC token into fiat U.S. dollars. The government of El Salvador has also created funds worth $150 million to back the BTC to U.S. dollars conversions.
Comments From Alejandro On Bitcoin
Last month, Alejandro told the local media that Salvadorans would have access to various supports and BTC.
They can download the digital wallet of the government and receive $30 worth of Bitcoin by inputting their ID number. Alejandro Zelaya is El Salvador’s minister of finance; he was the former Deputy Minister of Revenue.
Vijay Ayyar stated it would be challenging for users to coordinate and carry out such plan. Although he heads the Asia Pacific and Global Expansion at Luno in Singapore, he also heads Luno crypto exchange and global partnership. Vijay Ayyar added that saying something is not the same as doing it; they are different.
The popular crypto Bitcoin has been performing very well lately in price; it has surged close to $52,000. This price surge was recorded on Monday and seemed to be the highest for the crypto since May.
BTC is trading above the $51k mark due to recent developments | Source: BTCUSD on TradingView.com
This happens amidst a general come-back in the crypto industry from the retreat of early this year.
Featured image from Pixabay, chart from TradingView.com