Groups of cryptocurrency enthusiasts plan to celebrate El Salvador’s adoption of bitcoin as a legal tender by buying $30 worth of the currency.
At 2 PM PT/5 PM ET/10 PM GMT - the time of El Salvador’s bitcoin launch – members of these communities will buy $30’s worth (or 30 of their local currency) of BTC. $30 worth of BTC currently converts to 0.00059 BTC.
On September 7, El Salvador will become the first country to make bitcoin a legal tender. The El Salvador government will give citizens who download their Chivo wallet $30 in BTC to celebrate the occasion.
A Bitcoin Celebration
The idea first came about through an r/bitcoin thread on September 4 and has spread to other social media communities.
In a Twitter poll by MicroStrategy CEO Michael Saylor, some 83.7% of 88,000 voters said they would buy $30 in BTC.
However, some posts have warned against the plan, stating a ‘pump and dump’ could damage the reputation of cryptocurrency.
Francis Pouliot, the CEO of Bull Bitcoin, dismissed any accusations of “pumping the price of bitcoin”, noting it would not make a significant dent in the bitcoin market cap.
Bitcoin currently has a market cap of $957bn, with a trading volume of over $45m in the last 24 hours. For the community event to double that trading volume, 1,500,000 individuals would need to participate.
As mentioned in the original Reddit thread, this was not originally intended to be a bitcoin pump. Instead, it would be a “support gesture” for what the crypto community perceive as an important milestone to further adoption.
El Salvador’s adoption of bitcoin comes as the cryptocurrency bull run continues. BTC reached $50,000 for the first time since May, just over a month after dropping below $30,000.