Brazil’s cryptocurrency community, which has over 3 million members, has agreed to purchase $30 worth of Bitcoin
. The coordinated action is set to take place tomorrow, just before the implementation of the Bitcoin law in El Salvador. Interestingly, on the same day that El Salvador will be implementing its BTC law, Brazil will be celebrating Independence Day. Sponsored Sponsored
a total of about $99.5 million will flow into the market.
It is worth noting that this cryptocurrency community action was started two days ago by a member of the Brazilian Reddit community. Since then, it has received 85% support. As the creator of the action noted, this move is meant to be more of a gesture of support than pumping up the price. In this way, the Brazilian community wants to show people who are still skeptical that Bitcoin
is a big deal. Sponsored Sponsored
El Salvador adopts Bitcoin as
After receiving majority support from El Salvador’s parliament, a law making BTC legal tender was passed
on June 9. The country’s president, Nayib Bukele, saw this as a way to modernize and digitize the economy. He also believes that investors and tourists holding BTC will come to the country, which will bring benefits alone. The South American country has also taken additional measures to encourage the use of BTC.
For example, Bukele has invited BTC miners to start operations at a state-owned geothermal plant powered by volcanoes. He eliminated the capital gains tax on Bitcoin and started a state-backed wallet project known as Chivo. Another incentive is an airdrop of $30 in Bitcoin
from the government for more than 6 million adult citizens who sign up for Chivo. El Salvador also plans to install 1,500 bitcoin machines. This would result in the country having the most such devices in the world, second only to the US in first place (1,825 bitcoins).
Moreover, the nation’s parliament has approved a $150 million bitcoin trust fund. With it, Salvadorans can exchange BTC for US dollars without worrying about fluctuations in c
en. For many years, El Salvador has used the U.S. dollar because of its stability, security and ease of transactions. It will now be joined by Bitcoin as legal tender.
Neighboring nations such as Brazil, Paraguay, Venezuela and Argentina are also considering following El Salvador’s lead. However, global financial institutions such as the IMF and the World Bank have found many flaws in such a move. The World Bank has even denied El Salvador technical assistance for the negative environmental impacts of BTC mining.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at the reader’s own risk.