Tuesday, August 9, 2022
Home Crypto News Market Reddit Users Are Invited To Buy $30 Worth Of Bitcoin On September...

Reddit Users Are Invited To Buy $30 Worth Of Bitcoin On September 7th To Show Support For El Salvador Decision Of Making BTC A Legal Tender

- Advertisement -

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.

thadiusb writes:

“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.

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

How Decentralized Finance (DeFi) Can Bank The Unbanked

In the world of blockchain, the vast majority of decentralized finance news focuses on how this industry can further innovate financial technology, improving existing...

Why Are Most P2Es So Boring?

P2E (play-to-earn) games have been around for quite a while now. Numerous platforms have entered the market, each trying something different and at least...

Keninah Takes Donation Blockchain To a New Level Alongside Cardano

The coin market has seen significant growth since the introduction of the first crypto asset – Bitcoin. The changes in structure, however, use cases,...

Mike Novogratz Says Ethereum Could Reach $2,200 Before The Merge

  Mike Novogratz predicts Ethereum might hit $2,200 or more before its Merge release. window.coinzilla_display = window.coinzilla_display ||...

FTX Partners Reddit to Enable Redditors to Utilize Their Community Points for On-Chain Transactions 

  Redditors can use community points for on-chain transactions via FTX Pay.  window.coinzilla_display = window.coinzilla_display || ; ...

Iran Makes First Crypto-Based Import Order Worth $10 Million

  The Iranian government makes its first payment in cryptocurrency for imports totaling $10 million. window.coinzilla_display = window.coinzilla_display...

PIXXTASY Project – Don’t Use. Just Own It.

PIXXTASY is the brainchild of Zoltán Egri, a man who overcame a two-year drug addiction and has since become a serious anti-drug advocate. His...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.