El Salvador is making Bitcoin legal tender and users on social media are planning a celebration in its honor.
A movement across Twitter and Reddit is calling for followers of Bitcoin to buy $30 of the cryptocurrency on Sept. 7 in honor of El Salvador becoming the first country to take up the cryptocurrency as legal tender.
Posters on Reddit optimistically suggested that if all 3,316,862 community members buy $30 of Bitcoin each on Sept. 7, $99,505,860 will be added to the currency.
Bitcoin has surged recently, hitting $52,000 at one point Monday—its highest level since May. This has come amid a broader resurgence in cryptocurrencies, after Bitcoin fell below $30,000 in July.
But why $30?
https://twitter.com/gladstein/status/1434599389113184261
The El Salvador government has created a $150 million fund to finance the conversion between Bitcoin into U.S. dollars. Citizens who download the government’s digital wallet—named 'Chivo'—and enter their ID number will receive $30 in Bitcoin for free. This $30 in Bitcoin is meant to foment the use of the cryptocurrency and can only be spent as Bitcoin—the original recipient cannot convert it back into U.S. dollars—though those who are paid with it will be able to convert it, El Salvador's president, Nayib Bukele, said in June.
Salvadoran Finance Minister Alejandro Zelaya said he expects 2.5 million citizens to download the wallet. El Salvador has a population of almost 6.5 million.
As the introduction of Bitcoin has approached, El...
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