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Reddit Users Are Invited to Buy $30 in BTC to Support El Salvador’s Bitcoin Law

UTC by Daria Rud · 3 min read
Reddit Users Are Invited to Buy $30 in BTC to Support El Salvador’s Bitcoin Law
Photo: Depositphotos

A Reddit user calculated that if only all 3.3 million members of the BTC community on Reddit support the initiative, they will be able to inject $99.5 million into Bitcoin. 

Today, September 7, is a big day as El Salvador is making Bitcoin (BTC) a legal tender. Amid the event, a Reddit user called everyone for investing $30 in Bitcoin simultaneously in order to support the Salvadorans.

To mark the milestone in Bitcoin’s journey toward worldwide adoption, all citizens of the small Latin American country will be able to receive a free $30 in BTC via the government’s Chivo wallet app. This has sparked a lot of enthusiasm and excitement amongst Bitcoin supporters from all over the world who are eager to participate in this event.

Earlier, in June, the Salvadoran president Nayib Bukele said:

“It will be within the Chivo app where we will deposit the equivalent $30 in bitcoin to promote its use in the economy and to give people an incentive to use the application.”

Besides, Nayib Bukele announced that the government would install 200 ATMs accompanied by Chivo. According to Bukele, transactions will be free of commission. In addition, there will be 50 financial branches in the country for deposit and withdrawal of money.

To help convert BTC to USD, the government has also set up a fund of $150 million. As Bukele counted, the initiative will save as much as $400 million annually in fees for receiving remittances from abroad.

Reddit Buzz Around El Salvador’s Bitcoin Initiative

Amid El Salvador’s Bitcoin tender law, a Reddit user thadiusb invited everybody to purchase Bitcoin for $30. He calculated that if only all 3.3 million members of the Bitcoin community on Reddit support the initiative, they will be able to inject $99.5 million into Bitcoin.

Thadiusb wrote:

“3,316,862 Community Members X $30/each = $99,505,860 (give or take based on currencies used) El Salvador will have the crypto launch @ 3PM. I say we coordinate for this time, which is 2PM Pacific Standard time. Thoughts?

i have meant this as more of a support gesture, rather than a pump. Its a first that a nation has adopted Bitcoin. This is an important time in Bitcoin. Lets show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them. And for every one. Bitcoin is meaningful.”

The post received over 2,000 comments, with the majority of users supporting the idea.

On other social media platforms like Facebook and Twitter hashtags like “#30for30”, “#buybtctuesday”, and “#7septemberbuybtc” have been trending. Microstrategy’s CEO Michael Saylor even created a “yes” or “no” poll asking whether his followers would join the movement. At the time of writing, 87,029 users voted, most of them were “yes”.

Bitcoin News, Cryptocurrency news, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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