Reddit user thadiusb has invited members of the Reddit Bitcoin user community and all other people interested to buy bitcoin for $30 today, on September 7th, when Bitcoin will be recognized as the official payment for the country of El Salvador.
He calculated that if just 3.3 million people from r/Bitcoin support his plan, they will inject $99.5 million into the cryptocurrency market.
Thadiusb stressed this was a way for the crypto community to support the Bitcoin plans of El Salvador and that he does not want to pump up the price of bitcoin.
“3,316,862 Members times $30/each means $99,505,860 (give or take depending on currencies used)”
“El Salvador will launch their crypto system at 3PM. I recommend we coordinate for this exact, which is 2PM Pacific time. What are your thoughts?”
“I mean this more as a gesture of support, and not a pump. It’s the first country that has officially used Bitcoin. It is an important time for the cryptocurrency. Lets show El Salvador, and those who are still skeptical about Bitcoin, that it has value for them and everyone else. Bitcoin is meaningful.”
At this writing, the post had gotten over 2000 comments, and 8500 upvotes revealing that the majority backs the idea.
Recall that in June El Salvador passed a bill that recognized bitcoin as the nation’s legal payment currency. The initiative was backed by the Central American Bank for Economic Integration. The bill will then become a law on Sept. 7.
The American operator of crypto ATMs like “Athena Bitcoin” announced their plans to use 1,500 devices within El Salvador. Their installation started in August.
Recently President Nayib Bukele said via Twitter that 200 ATMs will be put into place by the government in addition to an official digital wallet, Chivo. He stated that transactions will be free from commissions and that there will be 50 branches in the nation for deposits and withdrawals.
All transactions will be done through the government managed Chivo app, and there will not be any transaction charges.
Author: Steven Sinclaire