Tomorrow, The Community Will Buy $30 In BTC To Support El Salvador’s Bitcoin Law

0 18

The day is here. In a few hours, El Salvador’s Bitcoin Law goes into effect. We will have the first real-world example of a whole nation using the hardest money ever created as legal tender. And, how is the Bitcoin community celebrating? Stack sats, obviously. The order is for everyone to buy $30 worth of BTC to commemorate this glorious occasion. Will you participate?

Related Reading | NewsBTC Crypto Trading Course

The intention is not to move the dial or pump the price up. The amount is small enough to guarantee that, even if the event goes viral. Which it seems like it’s doing. The movement started humbly, with a Reddit post in the /r/Bitcoin community that asked a simple question. So… We all buying $30 worth of Bitcoin on Tuesday? At the time of writing, the idea has 8.9K upvotes and 2.2K comments. 

Among the comments, some went all-in. “I will buy $3000 tuesday to cover 99 others who arent able to pay.” Others explained away, “Its to show solidarity with our Bitcoin compatriots in El Salvador as they fully adopt Bitcoin as their currency.” And other rightfully criticized, “Sure. Lets just coordinate a 100 mil pump of BTC. Correct me if I’m wrong but this sounds greasy.”

El Salvador's Bitcoin Law, buy $30 in BTC flyer

El Salvador's Bitcoin Law, buy $30 in BTC flyer

And, sure enough, the idea to back El Salvador’s Bitcoin Law spread to other social networks.

Bitcoin Twitter Will Support El Salvador’s Bitcoin Law

The plebs work fast. As soon as the idea transcended Reddit and got to Bitcoin Twitter, the memes appeared. This piece of art mixes the classic comedy “Trading Places” with El Salvador’s Bitcoin Law, with gold bug Peter Schiff and Bitcoin hater Nouriel Roubini to achieve hilarious effects:

Even MicroStrategy’s CEO and notorious Bitcoin enthusiast joined the party. Michael Saylor did his part to support El Salvador’s Bitcoin Law and spread the word to the sizable audience that follows him.

Of course, this raised suspicion. “Everyone needs to be aware that this could possibly be leading the sheep to their death.  Very nerve wracking these narratives are coming out before we hit the HUGE retracement levels,” said one commenter. “A hole. Letting retail buy exactly on the 70.2% retracement to dump on them huh,” said another. “If the bear market starts this week I wouldn’t be surprised,” predicted a third one. 

Are they on to something or are they missing something? Michael Saylor strongly stated that MicroStrategy is not looking to sell any of their BTC any time soon, but, people have lied before. Do you know what doesn’t lie, though? Bitcoin. If Michael Saylor and company sell on El Salvador’s Bitcoin Law’s day, people will know. The same thing will happen if they buy.

BTCUSD price chart for 09/06/2021 - TradingView

BTCUSD price chart for 09/06/2021 - TradingView

BTC price chart for 06/09/2021 on Oanda | Source: BTC/USD on TradingView.com

The International Community Will Also Buy $30 Worth Of BTC

Here, we can see a Korean bitcoiner translating the order to support El Salvador’s Bitcoin Law and the community from that side of the world responding below. 

It’s curious that the translated tweet, one of the first ones in that social network, talks about a Brazilian Bitcoin Community and that they’re doing it “remembering that Sep 7th is Brazil’s independence Day.” As far as we can tell, they link to the same /r/Bitcoin post that we identified as the origin. And almost all of the posts on there are in English. 

Related Reading | Michael Saylor Brings The Thunder To Venezuelan Bitcoin-Only Podcast

It’s also curious and hilarious that the Satoshi Nakamoney character keeps adding up to the story as it progresses, and ends up declaring.“To be clear: massive #bitcoin buy will happen at 3pm of El Salvador time zone.

Will this collective action pump the price as El Salvador’s Bitcoin Law goes into effect? Maybe the plebs can’t do it by themselves, but what about doing it with Michael Saylor’s help? Another fascinating activity to monitor tomorrow. Legal Tender day is here.

Featured Image: Bitcoin Day Flyer | Charts by TradingView/a>
Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 59,179.00
ethereum
Ethereum (ETH) $ 4,036.65
binance-coin
Binance Coin (BNB) $ 457.02
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.95
solana
Solana (SOL) $ 186.73
xrp
XRP (XRP) $ 1.04
polkadot
Polkadot (DOT) $ 41.31
dogecoin
Dogecoin (DOGE) $ 0.315802
shiba-inu
Shiba Inu (SHIB) $ 0.000070
usd-coin
USD Coin (USDC) $ 1.00
terra-luna
Terra (LUNA) $ 40.13
chainlink
Chainlink (LINK) $ 29.93
avalanche-2
Avalanche (AVAX) $ 62.02
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 58,995.00
binance-usd
Binance USD (BUSD) $ 0.999818
uniswap
Uniswap (UNI) $ 24.35
matic-network
Polygon (MATIC) $ 1.86
litecoin
Litecoin (LTC) $ 182.97
algorand
Algorand (ALGO) $ 1.78
cosmos
Cosmos (ATOM) $ 38.61
bitcoin-cash
Bitcoin Cash (BCH) $ 560.76
vechain
VeChain (VET) $ 0.125918
fantom
Fantom (FTM) $ 3.28
stellar
Stellar (XLM) $ 0.337884
dai
Dai (DAI) $ 1.00
axie-infinity
Axie Infinity (AXS) $ 124.03
internet-computer
Internet Computer (ICP) $ 41.70
ftx-token
FTX Token (FTT) $ 57.87
tron
TRON (TRX) $ 0.093536
filecoin
Filecoin (FIL) $ 56.14
ethereum-classic
Ethereum Classic (ETC) $ 51.39
near
Near (NEAR) $ 11.88
compound-ether
cETH (CETH) $ 80.76
theta-token
Theta Network (THETA) $ 6.20
okb
OKB (OKB) $ 21.89
staked-ether
Lido Staked Ether (STETH) $ 4,012.83
hedera-hashgraph
Hedera (HBAR) $ 0.361048
tezos
Tezos (XTZ) $ 5.99
elrond-erd-2
Elrond (EGLD) $ 250.99
crypto-com-chain
Crypto.com Coin (CRO) $ 0.188108
monero
Monero (XMR) $ 260.83
the-graph
The Graph (GRT) $ 0.920605
aave
Aave (AAVE) $ 320.66
pancakeswap-token
PancakeSwap (CAKE) $ 17.89
eos
EOS (EOS) $ 4.33
cdai
cDAI (CDAI) $ 0.021787
klay-token
Klaytn (KLAY) $ 1.52
olympus
Olympus (OHM) $ 1,144.02
quant-network
Quant (QNT) $ 282.23
flow
Flow (FLOW) $ 12.21
harmony
Harmony (ONE) $ 0.351375
compound-usd-coin
cUSDC (CUSDC) $ 0.022403
thorchain
THORChain (RUNE) $ 11.96
iota
IOTA (MIOTA) $ 1.21
ecash
eCash (XEC) $ 0.000176
kusama
Kusama (KSM) $ 363.94
bitcoin-sv
Bitcoin SV (BSV) $ 158.02
leo-token
LEO Token (LEO) $ 3.13
neo
NEO (NEO) $ 40.23
terrausd
TerraUSD (UST) $ 1.01
waves
Waves (WAVES) $ 27.72
helium
Helium (HNT) $ 24.91
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 133.45
huobi-btc
Huobi BTC (HBTC) $ 59,262.00
arweave
Arweave (AR) $ 45.84
bittorrent-2
BitTorrent (BTT) $ 0.003480
magic-internet-money
Magic Internet Money (MIM) $ 1.00
maker
Maker (MKR) $ 2,271.42
celo
Celo (CELO) $ 6.24
amp-token
Amp (AMP) $ 0.042146
sushi
Sushi (SUSHI) $ 10.52
enjincoin
Enjin Coin (ENJ) $ 2.11
celsius-degree-token
Celsius Network (CEL) $ 4.66
safemoon
SafeMoon (SAFEMOON) $ 0.000003
blockstack
Stacks (STX) $ 1.81
curve-dao-token
Curve DAO Token (CRV) $ 4.81
compound-governance-token
Compound (COMP) $ 305.08
dash
Dash (DASH) $ 177.46
holotoken
Holo (HOT) $ 0.010160
omisego
OMG Network (OMG) $ 12.65
theta-fuel
Theta Fuel (TFUEL) $ 0.321708
zcash
Zcash (ZEC) $ 149.37
havven
Synthetix Network Token (SNX) $ 9.39
nexo
NEXO (NEXO) $ 2.92
chiliz
Chiliz (CHZ) $ 0.304191
huobi-token
Huobi Token (HT) $ 9.10
decred
Decred (DCR) $ 108.16
ecomi
ECOMI (OMI) $ 0.006610
nem
NEM (XEM) $ 0.159097
spell-token
Spell Token (SPELL) $ 0.019520
secret
Secret (SCRT) $ 8.95
qtum
Qtum (QTUM) $ 12.47
mina-protocol
Mina Protocol (MINA) $ 4.62
true-usd
TrueUSD (TUSD) $ 1.01
icon
ICON (ICX) $ 1.91
zilliqa
Zilliqa (ZIL) $ 0.096542
kucoin-shares
KuCoin Token (KCS) $ 15.78
yearn-finance
yearn.finance (YFI) $ 34,002.00
osmosis
Osmosis (OSMO) $ 5.57