A growing number of bitcoiners is hoping to coordinate an unprecedented, community-led bitcoin (BTC) pump tomorrow to coincide with the promulgation of El Salvador’s new law, which will make the coin legal tender alongside the USD.
Reddit and Twitter have posted numerous appeals to crypto enthusiasts to purchase USD 30 worth bitcoin on September 7. This is in line with previous online campaigns that targeted stocks such asGameStop.
Many have claimed that USD 30 was selected as a target amount as the government is also planning to give away this amount to users of the state-operated Chivo wallet, which is due to roll out in time for the adoption drive.
It seems that the idea is to encourage adoption by convincing skeptical Salvadorans that BTC is on an upward trend, increasing the value of their tokens almost instantly.
Although some believe the movement originated in Brazil, the majority of the momentum seems to have come from American BTC communities. However, supporters from countries as far as Italy, Romania, Hong Kong and Italy declared that they were “in” and would buy BTC with fiat.
Reddit users suggested that the mass buy be coordinated to the minute with a UTC 21:00 time frame. This would be at 3 p.m. in El Salvador, which is the exact time the measure will become legal.
But some urged “organizers” to make a last-minute rethink: One Redditor wrote:
“We should do [the pumps] after their launch to increase the value of their wallets (provided that this does not move the price).
On Twitter, @ZLOK concurred, writing that the move should “be made after Salvadoreans get USD 30 worth of BTC, not at the same time or before.”
Others suggested actions that could prevent a mass purchase. One Redditor suggested that “if everyone is buying USD 30 Bitcoin on Tuesday […] let’s buy USD 30 worth on Monday.”
Redditor the same stated that USD 30 invested on Monday could easily double on Tuesday if everyone buys in.
However, some respondents were skeptical about this strategy. One writing:
“Don’t pump before Tuesday. It reduces the number of Salvadorian satoshis each Salvadorian receives.” It is better to pump after all the citizens of a country have played.
A sense of excitement was evident among some, with one Redditor writing:
“Can’t wait for bitcoin history to come alive.”
BTC trades at USD 51 815 at 11:11 UTC and is up almost 4% per day and 6% per week.
Community members also reminded others that the law’s architect, President Nayib Bukele has already promised that international tech pioneers will have smooth sailing if they choose to relocate to El Salvador. One member wrote that the President promised no capital gains tax on bitcoin because it would be legal currency and a permanent residence for crypto entrepreneurs.
The also include theCoin Corner CEO Danny ScottSuggestionsSeptember 7 USD 30 BTC is enough to buy an annual event.
However, the El Salvadoran public is not without caution.
The Chief Strategy Officer and BTC proponent at theHuman Rights Foundation Alex GladsteinRemarksDuring his visit to the country, he discovered that “virtually nobody” knew what bitcoin was. He also stated that the government was being opaque in its roll-out plans and had provided very little education.
The picture in domestic media is worse, with many of them opposing all things BTC or Bukele-related.
Critics stated that a new electricity law currently being prepared will “benefit bitcoin mining but increase electricity rates” for ordinary folk, reported ElSalvador.com.
A number of media pundits as well as members of international community are worried that Bukele is changing the constitution to make him stay in power longer.
Last week, Constitutional judges ruled that presidents can serve two terms. This would allow Bukele the opportunity to run for reelection in 2024. It also eliminates a rule that requires former presidents to wait ten years before they can stand as presidential candidates.
ElSlavador.comNot notedFormer members of the Constitutional Chamber of theSupreme Court of JusticeBukele could be rubber-stamping Bukele’s request to extend his presidency of the country.
Rene Hernandez Valiente was a former magistrate from the Constitutional Chamber who explained that the court could only interpret the Constitution, but cannot make any changes to it.
Reuters reported that the United States embassy in El Salvador had “slammed the judges’ ruling as unconstitutional and a blow to bilateral ties.”