Reddit is about to demonstrate the power of community solidarity once more. This time, we’re talking about purchasing $30 worth of Bitcoins in support of El Salvador. However, given the project’s scope, this sum of money might easily grow to $100 million!
Following the protests against Bitcoin in El Salvador, one Reddit user proposed that the community stage a flash mob in support of the legalization of Bitcoin as the second national currency in this hot country. Unfortunately, the law takes effect on September 7th of this year, so there isn’t much time before the action begins.
Someone going by the handle Thadiusb stated that he wishes to support El Salvador’s decision but will not act to inflate Bitcoin. Furthermore, due to the scale of BTC, there is no need to discuss a pump. According to him, if each member of the r Bitcoin subreddit (3.3 million individuals) pays $30, the “weight” of the main cryptocurrency will increase by about $100 million, indicating that it has value.
The Thadiusb topic has gotten nearly 2,000 comments so far. Many people were so enthusiastic about the idea that they chose to increase their contributions by doubling or even tripling them. However, the plan was not without flaws, as it is unlikely that every member will be willing to part with such a large sum, not to mention that bots exist in all Reddit forums.
They decided to bring up another, no less serious issue with this venture on Twitter, noting the number of “shill” accounts maintained by various financial companies and hedge funds to push entire groups of individuals to act in their interests. There’s a good probability that today’s spectrum of market interests in terms of price swings includes a volatile assets like cryptocurrencies.
The symbolism of the $30 investment is further enhanced because the Salvadorans will receive this money in Bitcoin equivalent via the national cryptocurrency wallet Chivo. Local authorities had previously indicated that $150 million would be allocated.