Home Trending News Bitcoin Price Pump Movement Grows Ahead Of El Salvador's Adoption

Bitcoin Price Pump Movement Grows Ahead Of El Salvador’s Adoption


Bitcoin Price Pump Movement Grows Ahead Of El Salvador's Adoption

A growing movement on social media is calling for people to buy small amounts of Bitcoin in support of El Salvador’s plan to make the token legal tender.

Users on platforms including Twitter and Reddit are discussing plans to buy $30 worth of Bitcoin en masse on Sept. 7 to mark El Salvador’s Bitcoin law coming into effect. The potential coordinated price pump echoes previous online campaigns targeting meme stocks like GameStop Corp.

El Salvador has begun installing Bitcoin ATMs to allow citizens to convert the token into U.S. dollars, and the government has created a $150 million fund to back conversions of Bitcoin to U.S. dollars. Salvadorans will be able to download the government’s digital wallet, enter their ID number and receive $30 in Bitcoin, Finance Minister Alejandro Zelaya told local media last month.

It will be a challenge for users to actually coordinate and act out such a plan, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

“Saying something and actually doing it are very different,” he said.

Bitcoin has been on a strong run of late, surging to almost $52,000 Monday to touch the highest level since May. That’s come amid a broader revival in the crypto sector from a rout earlier this year.

El Salvador has begun installing Bitcoin ATMs to allow citizens to convert the token into U.S. dollars, and the government has created a $150 million fund to back conversions of Bitcoin to U.S. dollars. Salvadorans will be able to download the government’s digital wallet, enter their ID number and receive $30 in Bitcoin, Finance Minister Alejandro Zelaya told local media last month.

It will be a challenge for users to actually coordinate and act out such a plan, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

“Saying something and actually doing it are very different,” he said.

Bitcoin has been on a strong run of late, surging to almost $52,000 Monday to touch the highest level since May. That’s come amid a broader revival in the crypto sector from a rout earlier this year.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



Source link

RELATED ARTICLES

Deepika Padukone Is “Burning Calories”

<!-- -->Deepika Padukone shared this photo. (Image courtesy: deepikapadukone/)HighlightsDeepika Padukone shared pictures with PV Sindhu on Tuesday In the first photo, PV...

Shilpa Shetty Joins India’s Got Talent As A Judge

<!-- -->Shilpa Shetty in a still from the show's promo. (Image courtesy: Instagram)HighlightsIt is Shilpa's first show with Sony TV She is currently...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Money Laundering Probe Into Seizure Of 3,000 Kg Heroin At Gujarat Port

<!-- -->The seized drugs have an estimated street value of nearly Rs 20,000 croreNew Delhi: The Enforcement Directorate has initiated a money laundering...

Bengaluru Woman Dies In Apartment Fire

<!-- -->Three fire engines managed to bring the fire under control later.Bengaluru: A woman is seen helplessly wailing, trapped by a raging fire...

Lionel Messi Out For PSG Against Metz With Bruised Knee

Lionel Messi underwent an MRI on Tuesday after taking a knock to his left knee.© AFPLionel Messi will miss Paris Saint-Germain's game away...

5 Reasons Why Dhaba Da Dabba Should Be On Every Foodies Bucket List

Delhi is home to plenty of amazing restaurants, and Dhaba by Claridges is one of the most well-known ones among them. Located in the...

Recent Comments