Tuesday, September 28, 2021
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Historic day for Bitcoin – and the Reddit traders are planning the fireworks in the evening




Today, Tuesday, September 7th, 2021, history will be made in El Salvador: At 3 p.m. local time, a law will come into force there that gives Bitcoin the status of legal tender – an absolute novelty. Bitcoin fans around the world are already planning a support campaign to celebrate the day.

It has been around three months since El Salvador’s President Nayib Bukele caused a real surprise at a crypto conference in Miami: The Central American country wants to recognize Bitcoin as legal tender. A corresponding law was passed despite headwinds from the population and financial institutions and is now coming into force.

In advance, the government had bought a total of 400 Bitcoins, which – as of today – are worth around 20.4 million dollars. These are now to be used as an incentive to register with the state Bitcoin wallet Chivo. All citizens of the country who register with their ID in the app should receive a one-time Bitcoin worth the equivalent of 30 dollars.

Reddit community wants to celebrate

“Bitcoin Day” in El Salvador is without a doubt a special day – which the crypto community wants to celebrate in its very own way. In the popular Reddit forum r / Bitcoin, user thadiusb wrote under the title “So … We all buying $ 30 worth of Bitcoin on Tuesday?” proposed a support action.

Specifically, he calls on the other members of the subreddit to buy Bitcoin for 30 dollars when the law in El Salvador comes into force on Tuesday at 11 p.m. German time. If everyone buys around 3.3 million members for $ 30 each, they could move almost $ 100 million, he calculates in his article.

The idea was extremely well received by the other members of the forum: since it was published, the contribution has received more than 2,400 comments and has been endorsed by 86 percent of users. At the same time, the idea is spreading like wildfire on other channels. In the meantime, she was picked up on Twitter by Microstrategy CEO and Bitcoin fan Michael Saylor.




Whether and how many Bitcoin fans will really pull off the action and to what extent this will affect the price of the crypto currency will have to be seen in the evening. Bitcoin currently does not need them anyway, because the price has already risen sharply in the past few days and reached its highest level in almost four months on Tuesday night.

Bitcoin
(ISIN: CRYPT0000BTC)

Although these price gains will be consolidated on Tuesday afternoon with moderate losses, the medium and long-term prospects are still good. The SHAREHOLDER’s speculative buy recommendation therefore continues to apply.

Photo: Börsenmedien AG

Note on conflict of interests:

The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.

Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.

Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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