A call has spread on social media to buy small amounts of Bitcoin, in support of El Salvador's plan to formally adopt the cryptocurrency.
According to Arab Net, users on platforms including Twitter and Reddit are discussing plans to buy $30 worth of bitcoin en masse on September 7 to celebrate the bitcoin law in El Salvador. , which comes into force. These potential coordinated moves echo those of previous online campaigns targeting meme stocks such as GameStop's.
El Salvador has begun installing Bitcoin ATMs to allow citizens to convert cryptocurrency into US dollars, and the government has set up a $150 million fund to support Bitcoin-to-dollar transfers. .
Finance Minister Alejandro Zelaya told local media last month that Salvadorans would be able to download the government's digital wallet, enter their ID number, and get 30 dollars in bitcoin.
Vijay Ayar, head of Asia Pacific at Luno crypto exchange in Singapore, said it was challenging for users to actually coordinate and implement such This plan.
And saying something and putting it into practice are two very different things.
Bitcoin has seen momentum lately, surging to nearly $52,000 on Monday, hitting its highest level since May.
This comes amid a broader recovery in the crypto sector from a wave of losses earlier this year.
