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? The order is for everyone to buy $30 worth of BTC to commemorate this glorious occasion. Will you participate?
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.”
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.
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.
“This worries me more than anything. We are at major retracement levels for the price and Michael saylor is getting retail to buy. If the bear market starts this week I wouldn’t be surprised.”
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.
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.
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.