El Salvador’s Bitcoin legal tender bill passes into law on Tuesday, September 7, despite objections from locals who appear to be against its implementation.
Nonetheless, soon after the Congressional vote in June, President Bukele said the law would pass, and nothing will stop it from happening.
“I don’t see this being stopped, this is going forward every day. We’re just going to announce a lot of interesting things that’s going to move the project even forward…”
To mark the occasion and pump the BTC price, the r/Bitcoin subReddit will initiate a mass Bitcoin buy at the time the law passes.
The idea is also gathering support in a Brazilian subReddit as well, adding to the strength of the movement. Brazil gained independence from Portugal on September 7,1822, making today an ideal date to show solidarity with El Salvador.
September 7 promises to be a historic day for Bitcoin
Echoing shades of the WallStreetBets saga earlier this year, Reddit becomes the focal point once again for a coordinated market move.
Back then, GameStop and AMC became a battleground for “amateur traders” sounding off their discontent with short-sellers, and the financial system in general, by pumping the aforementioned stocks.
This spilled over to crypto, with many attributing Dogecoin’s all-time high of $0.74 directly to the uprising.
This time around, in the hopes of replicating the buying frenzy, r/Bitcoin, which has 3.3 million members, is building steam with the idea that everyone buys $30 of Bitcoin at 5 pm Central Time on September 7 – the time El Salvador’s Bitcoin bill passes into law.
@nakamoney’s tweet on this has so far garnered over eleven thousand likes, almost three thousand retweets, and had over four hundred comments.
“BREAKING:At the same time El Salvador’s #bitcoin bill will become law, at 3pm September 7th, a huge Brazilian Reddit community, with more than 3 million members, will buy $30 in #bitcoin each, remembering that Sep 7th is Brazil’s independence Day. More and more users are joining.”
Whether this has the same impact as WallStreetBets remains to be seen. But either way, as President Bukele stated, nothing will stop the Bitcoin law from passing, marking September 7 as a historical day regardless.
Market manipulation or supporting developing nations?
Critics have argued that this event is market manipulation of the highest order. And, if pulled off successfully, as in the case of GameStop, it forces a major disconnect between price/valuation and fundamentals.
@nakamoney countered this by saying such a movement is better described as supporting the financial independence of citizens in developing nations.
They argue that is not manipulation, but a huge support to the financial independence of the third world citizens.Why not the whole world get into this? You can help spreading this thread.
— Satoshi Nakamoney 🍥 (@nakamoney) September 5, 2021
Sunday saw Bitcoin break $50,000 and close the day well above at $51,700. While the accompanying volume was not convincing, it still marks a 16 week high for the leading cryptocurrency.