Movement organizes Bitcoin pump to support El Salvador’s adoption
A Brazilian initiated Reddit community is willing to buy $30 in Bitcoin tomorrow to support Salvadoran's new legal tender
Social media users are making a movement to pump Bitcoin’s price in order to support El Salvador’s adoption of the cryptocurrency as a legal tender. The initiative began with Brazilian Reddit users who assembled more people to be a part of the action.
It was suggested that the users purchase $30 worth of Bitcoin to add to the pump. The idea on the Reddit thread was to raise circa $99,505,860 using the basic math of multiplying the number of community members times $30.
They chose the amount of $30 to collaborate because that is “the amount the Salvadoran government is planning to airdrop into people’s controversial state-run Chivo wallets as part of a national adoption plan”, said the twitter user Alex Gladstein who was one of the people who spreaded the Reddit thread.
According to the member of the community who suggested the initiative the idea was supposed to be a support rather than a pump - considering that El Salvador’s is going to be the first country to adopt Bitcoin as a legal tender.
Since the crypto launch is scheduled to happen at 3pm PST, the community decided that they’ll do the pump by 2pm - an hour before the launch.