Twitter and Reddit users are trying to boost Bitcoin in support of El Salvador’s crypto plans

A growing movement on social media is urging people to buy small amounts of Bitcoin in support of El Salvador’s plan to make the token legal tender.

A growing movement on social media is urging people to buy small amounts of Bitcoin in support of El Salvador’s plan to make the token legal tender.

Users on platforms like Twitter and Reddit are discussing plans to buy $ 30 worth of bitcoin en masse on September 7th to celebrate the entry into force of El Salvador’s Bitcoin law. The potentially coordinated price pump is reminiscent of previous online campaigns targeting meme stocks like GameStop.

El Salvador has started installing Bitcoin ATMs so citizens can convert the token into US dollars, and the government has created a $ 150 million fund to convert Bitcoin to US dollars support.

Salvadorans can download the government’s digital wallet, enter their ID number and receive $ 30 in bitcoin, Treasury Secretary Alejandro Zelaya told local media last month.

It will be a challenge for users to actually coordinate and implement such a plan, said Vijay Ayyar, head of Asia Pacific at the Luno crypto exchange in Singapore.

“Saying something and actually doing it are very different,” he said.

Bitcoin has had a strong run lately, rising to nearly $ 52,000 on Monday to hit its highest level since May. It did so amid a broader crypto sector revival following a loss earlier this year.

We live in a world where facts and fiction are blurred

In times of uncertainty, you need journalism that you can trust. Only for 75 R per month, you have access to a world full of in-depth analysis, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.

Comments are closed.