Shall we buy 2,000 BTC on Tuesday? Campaign in support of El Salvador's Bitcoin Law

Key facts:
  • The campaign organizer denies it’s a “pump” and explains that it’s “a gesture of support.”

  • The proposal on Reddit has over 2,100 responses, mostly in support of the initiative.

“So… are we all buying USD 30 in bitcoin on Tuesday?”. With this question, a Reddit user invited the bitcoiner community to participate in a coordinated bitcoin buy tomorrow, September 7. This is the same day that the Bitcoin Law, which gives the cryptocurrency legal tender status in El Salvador, goes into effect.

The Reddit user who authored the proposal, who identifies himself as @thadiusb, asks to coordinate the purchase of USD 30 in BTC by 2 PM Pacific Standard Time. This is an hour before the aforementioned law is launched in the South American nation.

As @thadiusb explains , he’s not looking to cause a pump. This is the name given to inorganic increases in the price of a financial asset as a result of coordinated mass purchases.

According to the explanation provided by the redditer, he wants to do that as a gesture of support: “This is an important moment in Bitcoin. Let’s show El Salvador, for those who are still undecided, that Bitcoin has value for them. And for everyone. Bitcoin is significant.

According to the calculations of the proponent, who is quite active in the r/Bitcoin community on the aforementioned social platform, if each of the 3.3 million members of that community were to buy USD 30 in BTC, it would give a total purchase of USD 99.5 million.

At the time of writing this article, as can be seen in the CryptoNews price calculator, USD 99.5 million is equivalent to almost 2 thousand BTC.

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The proposal by @thadiusb had more than 2,100 responses on Reddit, most of them in support of the initiative. Also, there were those who joked that r/Bitcoin is becoming the new r/WallStreetBets, with reference to a group of pumps that drove up the price of some stocks and cryptocurrencies months ago, as this media outlet reported.

It should be understood that the pump that could cause all r/Bitcoin users to join the initiative would be tiny. The strategy is valid only for cryptocurrencies or stocks with low trading volume.

According to the data shown by the CoinMarketCap portal, in the last 24 hours transactions of r/Bitcoin were made in the last 24 hours.

The bitcoin sale is worth USD 36 billion. The figure is 360 times higher than what the Reddit group would achieve, so there would not be a big price movement as a result of these purchases. Indeed, as @thadiusb

points out, it would only be a gesture of support for El Salvador’s law.

El Salvador: hours away from incorporating bitcoin into its economy

As mentioned, tomorrow bitcoin will become legal tender

in El Salvador, alongside the US dollar, which is the current currency. As a result, merchants will be obliged to receive payments in BTC, although, if they wish, they can immediately convert them to dollars. Shall we buy 2,000 BTC on Tuesday? Campaign in support of El Salvador's Bitcoin Law Shall we buy 2,000 BTC on Tuesday? Campaign in support of El Salvador's Bitcoin Law On June 8, 2021, the Assembly of El Salvador passed the Bitcoin Law, which makes the cryptocurrency legal tender. Source: Asamblea Legislativa / youtube.com

Even with the exceptions that the law offers, and the facilities that the State will implement to convert bitcoins to fiat money, about 65% of Salvadorans oppose the Law

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, a poll indicates. Among the arguments presented by these opponents, BTC is considered insecure, unstable and prone to be used for scams.

On the part of those who support the initiative of President Nayib Bukele, the argument that the Central American nation could, thanks to the Bitcoin Law, become a technological and financial pole leader worldwideis frequently presented.