Reddit members buy Bitcoin in support of El Salvador
Reddit is once again set to demonstrate the power of community cohesion. This time we are talking about buying Bitcoins for a symbolic amount of $30 in support of El Salvador. But taking into account the scale of the venture, this money can easily turn into $100 million!
One of the Reddit members, following the situation with the protests against Bitcoin in El Salvador, suggested that the community conduct a flash mob in support of the legalization of Bitcoin as the second national currency in this warm country. The law comes into force on September 7 this year, so there is not much time left before the start of the action.
Someone under the nickname Thadiusb said that he wants to support the decision of El Salvador, but does not intend to act to pump Bitcoin. In addition, with the scale of BTC, there is no need to talk about a pump. According to him, if each participant of the r Bitcoin subreddit (3.3 million people) contributes $30, they will be able to add almost $100 million to the "weight" of the main cryptocurrency, thereby proving that it has value.
To date, the Thadiusb thread has received over 2,000 comments. Many people liked the idea so much that they decided to double or even triple their contributions. But the idea was not without pitfalls, because it is unlikely that every participant will be ready to part with such an amount, not to mention the fact that there is a certain percentage of bots in all communities on Reddit.
Another, no less important problem of this venture, they decided to raise on Twitter, recalling the number of "shills" accounts managed by various financial companies and hedge funds seeking to force entire groups of people to act in their interests. There is hardly a chance that the range of their market interests in terms of price fluctuations today does not include such a volatile asset as cryptocurrencies.
The symbolism of the $30 deposit also lies in the fact that it is this amount in Bitcoin equivalent that the Salvadorans will receive, using the national cryptocurrency wallet Chivo. This was previously reported by local authorities, allocating $150 million.