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Bitcoin aficionados around the world are waiting with bated breath for El Salvador’s Bitcoin law to take effect tomorrow, September 7th. This is the first time that bitcoin has been designated as legal cash in a country.
To mark the occasion, a Reddit group with over 3 million members decided to buy Bitcoin in bulk. Because September 7th is also Brazil’s independence day, the community decided to buy $30 worth of Bitcoin each to demonstrate their support for the financial freedom Bitcoin gives. The idea is for each user to purchase a very small amount of BTC, at a feasible price, as a symbol of inclusivity.
A lot of optimism and support could be noticed within the community, with many confirming their participation. Some even mentioned that this buying spree should be carried out after the launch, so that the value of BTC in El Salvadorian wallets increase. To that, original author of the thread noted that this was not an effort to pump the price of Bitcoin, but to show support to El Salvador.
Nonetheless, if this occurs, the market movement may show a big acquisition volume on the date. Nayib Bukele, the man behind the world’s first Bitcoin acceptance by a government, has previously referred to the top coin as the “money of freedom.”
Despite the fact that support for El Salvador’s move came not just from the country’s South American neighbours, but from the entire world, El Salvadorans do not appear to be convinced of its benefits. Throughout the country, there have been various levels of protests during the previous month. Many people are concerned about greater government control, corruption, and worse economic decline.
The Central American University (UCA) recently conducted a poll among Salvadorans, that noted a large majority of the focus group “strongly disagreeing” with the use of Bitcoin as legal tender. As few as 32% among those surveyed somewhat agreed to this move.
Having said, this is going to be a tremendous change, and the Salvadoran government has been making efforts towards ensuring a smooth transition. Only a week ago, the El Salvador Congress made a decision to create a fund worth $150 million, in order to make the conversions of Bitcoin to US Dollars possible. What’s more, for this reason, there were hundreds of cash machines being placed across El Salvador.