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A growing number of Bitcoiners are hoping to coordinate an unprecedented, community-led Bitcoin (BTC) pump tomorrow that will coincide with the promulgation of El Salvador’s new law that will make the coin legal tender alongside the USD.
A number of Reddit and Twitter posts have urged crypto enthusiasts to buy $ 30 worth of Bitcoin on Sept. 7, reflecting previous online campaigns on stocks like GameStop.
Many have claimed that $ 30 was chosen as the target amount as the government plans to give this amount away to users of the state-run Chivo wallet, which is slated to roll out in time for the adoption campaign.
The idea seems to be to increase adoption by convincing skeptical Salvadorans that BTC is on an upward trend, adding to the value of their tokens almost instantly.
Much of the momentum appears to have come from American BTC communities, although some claim the movement started in Brazil. Regardless, supporters from countries as far away as Romania, Hong Kong, Italy and the United States said they were “in” – and would buy BTC with Fiat.
Will join from SOUTH AFRICA 🇿🇦 …… GO TO EL SALVADOR 💪 👏
– 💥💥Numpty Dumpty 💥💥 (@numtidumpty) September 5, 2021
A popular post on Reddit suggested coordinating the bulk buying down to the minute with the goal of aiming for a UTC start time at 9:00 p.m. This would be 3 p.m. in El Salvador, the exact time when the measure will take effect.
But some urged “organizers” to rethink at the last minute: One Redditor wrote:
“We should do [the pump] after their introduction, so that the value of your wallets increases (provided that this moves the price at all). “
On Twitter, @ZLOK agreed, writing that the move “should come after Salvadorans receive $ 30 worth of BTC, not at the same time or sooner”.
Others suggested steps that would forestall a bulk purchase. A Redditor suggested that “if everyone buys $ 30 bitcoin on Tuesday”. […] let’s buy $ 30 worth of it on Monday. “
The same Redditor opined that the $ 30 invested on Monday can easily double the bubble on Tuesday if everyone is shopping.
But some responders were doubtful of such a strategy, with one letter:
“Don’t pump the price up until Tuesday, it will reduce the amount of satoshis every Salvadoran gets. It is better to pump after the citizens of an entire country have skin in it. “
A sense of excitement was evident with some, with one Redditor writing:
“I can’t wait to be part of Bitcoin history.”
At 11:11 UTC, BTC is trading at $ 51,815, up nearly 4% in one day and 6% in a week.
Parishioners also reminded others that the law’s architect, President Nayib Bukele, has already promised that international technology pioneers will enjoy smooth journeys if they choose to move to El Salvador. One wrote that the president had “promised no capital gains tax on Bitcoin as it will be a legal currency and instant permanent residence for crypto entrepreneurs.”
Also the Coin corner CEO Danny Scott suggested making $ 30 USD for BTC purchases an annual event on Sept. 7, adding that this was “a story in the works”.
Nevertheless, there is still no lack of caution among the population of El Salvador.
The BTC advocate and chief strategy officer at the Human Rights Foundation Alex Gladstein noted that on his own visit to the country “virtually no one” knew “what Bitcoin is,” adding that “the government is very opaque with its implementation plans and has provided very little education”.
Meanwhile, the picture is grim in the domestic media, much of which opposes anything related to BTC and Bukele.
Critics said a new electricity bill currently being prepared would “benefit bitcoin mining but raise electricity prices” for ordinary people, ElSalvador.com reported.
Meanwhile, a number of media experts and members of the international community fear that Bukele is “taking pages out of the dictator’s playbook,” as the aforementioned newspaper says, effectively amending the constitution to enable him to stay in power longer.
Constitutional judges ruled last week that presidents could serve two terms, a fact that would allow Bukele to stand for re-election in 2024 – and lift a rule that forces former presidents to wait ten years before running for presidential elections.
ElSlavador.com noted that former members of the Constitutional Chamber of the Supreme Court, who could confirm Bukele’s offer for the right to extend his leadership of the country, had spoken up.
The media company quoted a former judge who served in the Constitutional Chamber, René Hernández Valiente, as saying that the court “can only interpret the constitution” but “cannot make changes to it”.
Reuters reported that the US embassy in El Salvador had “declared the judges’ verdict unconstitutional and a blow to bilateral relations.”
– Polls: The majority of the population of El Salvador is against the Bitcoin introduction law
– El Salvador Brings New Global Mystery – What Is Bitcoin And How Is It Taxed?
– IMF says making Bitcoin a national currency is an “inadvisable shortcut”
– El Salvador will be a serious test of Bitcoin’s Layer 2 networks