In solidarity with the El Salvador government to officially make Bitcoin (BTC) a legal tender, several Bitcoin enthusiasts globally are planning to convert $30 worth of their local fiat into the popular cryptocurrency on the same date, Sept 7.
The initiative was proposed in the r/Bitcoin subreddit group by a Redditor u/thadiusb over the weekend, asking the over three million group members to convert $30 worth of their local fiat into Bitcoin in a bid to show El Salvadorians the value of the cryptocurrency.
“Let’s show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them,” excerpts of the post read.
According to the Reddit post, interested group members will have to convert the $30 worth of their local fiat into Bitcoin by tomorrow at 21:00 UTC, which is also the same time El Salvador’s Bitcoin law will go live.
MicroStrategy CEO Michael Saylor, whose company is the largest corporate holder of Bitcoin, has shown solidarity with the movement.
On September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet 🐝 I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader @nayibbukele. Will you join us?
— Michael Saylor⚡️ (@michael_saylor) September 6, 2021
Several Bitcoin Enthusiasts Declare Support
So far, the initiative has received several positive reactions, with over 85% of r/Bitcoin members upvoting the post.
Some members also took to the comment section to inform the group about how they plan to source the $30 worth of fiat that they would be converting into Bitcoin.
El Salvador Bitcoin Airdrop
Interestingly, the poster suggested that members should purchase $30 worth of fiats because it is the amount of BTC the government is planning to airdrop to citizens who sign up for the country’s digital wallet dubbed Chivo. The airdrop is part of efforts to promote the use of Bitcoin in the country.
Recall that El Salvadorian Finance minister Alejandro Zelaya stated in June that the government will allocate $120 million in the form of BTC airdrop to as many as four million Chivo starter Bitcoin accounts, with each user expected to receive $30 worth of the cryptocurrency.
Bitcoin Use as a Legal Tender Not Compulsory
Despite the enticing offering, the minister noted at the time that he did not believe many El Salvadorians would be interested. However, the government has no plans to force people into adopting Bitcoin as a legal tender.
“Nobody will have to accept bitcoins if they don’t want to,” President Nayib Bukele said during the time the National Assembly approved legislation in June that made Bitcoin a legal tender in the country.
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