Reddit user thadiusb invited members of the r/Bitcoin community and all other Reddit communities to purchase bitcoin for $30 on September 7th, when BTC will be recognized as an official means of payment in El Salvador.
He calculated that if only all 3.3 million members r/Bitcoin support the initiative, they will be able to inject $99.5 million into the Bitcoin.
Thadiusb stressed that in this way the crypto community will support the decision of El Salvador and does not aim to pump the price of bitcoin.
“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.”
At the time of this writing, the post has already received more than 2000 comments, and 8500 upvotes showing that the majority supports the idea.
Recall that in early June El Salvador adopted a bill recognizing bitcoin as a legal means of payment. The initiative was supported by the Central American Bank for Economic Integration (CABEI). The bill will become a law on September 7.
The American operator of cryptocurrency ATMs “Athena Bitcoin” announced plans to deploy 1,500 devices in El Salvador. Their installation began in August.
Recently President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo. He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.
All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.
To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.
Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.