A growing movement on social media is calling on people to buy small amounts of bitcoin to support El Salvador’s plan to convert the token. in a legal tender.
Platform users like Twitter and Reddit are discussing plans to buy $ 30 worth of bitcoins en masse on September 7 to mark the entry into force of the bitcoin law. The potential coordinated ‘price bomb’ echoes previous online campaigns targeting meme stocks like GameStop Corp.
El Salvador began to install bitcoin ATMs to allow citizens to convert the token into US dollars, and the government created a $ 150 million fund to support bitcoin to US dollar conversions.
Salvadorans will be able to download the government’s digital wallet (Chivo), enter their identification number and receive $ 30 in bitcoin, Finance Minister Alejandro Zelaya told local media.
It will be a challenge for users to coordinate and execute such a plan, said Vijay Ayyar, Asia Pacific head of the Luno crypto exchange in Singapore.
“Saying something and actually doing it are very different things”, he pointed.
Bitcoin has been on a hot streak lately, advancing to nearly $ 52,000 on Monday to hit the highest level since May. This comes amid a broader resurgence in the crypto sector following a slump a few months ago.