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Bitcoin price pump proposed on El Salvador’s crypto adoption

written by Bella Palmer
bitcoin-price

As part of the law, citizens of El Salvador will have access to $30 in bitcoin from the government through a specialised wallet app

A massive bitcoin price pump has been proposed by leading industry figures to celebrate El Salvador officially adopting the cryptocurrency as legal tender on 7 September.

Businesses will now be obliged where possible to accept the digital coins as payment.

Popular crypto forums on Reddit, as well as prominent Twitter accounts, have called on people to buy $30 of bitcoin to coincide with the Bitcoin Law coming into effect, which will see every citizen in El Salvador offered $30 in bitcoin through a specialised wallet app.

As part of the law, citizens of El Salvador will have access to $30 in bitcoin from the government through a specialised wallet app.

This trend spread like wildfire with people spreading the message across many different social media platforms, especially Twitter, where even heavy hitters like MicroStrategy’s CEO, Michael Saylor, used his massive platform to ask people “Will you join us?” in buying $30 in BTC tomorrow. The post was met with thousands of likes, retweets, and hundreds of comments from individuals planning on participating in the event.

One popular post on the sub-Reddit r/Bitcoin called for a “Global Bitcoin Day” where people invest what they can in the cryptocurrency every year on 7 September.

Let’s make September 7th Global Bitcoin Day! In support and celebration of BTC officially becoming legal tender in El Salvador we should mint this day as a day of support on an annual basis, the post stated.

The Reddit community alone can add billions of dollars to BTC’s market cap, it stated.

Bitcoin crossed $50,000 over the weekend and has continued to rise at the start of the week – potentially in anticipation of the price pump.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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