The initial decision was made in June when El Salvador president Nayib Bukele announced plans to make Bitcoin legal tender. Following the reveal at the Miami Bitcoin Conference, a bill was drafted and sent to Congress, which was later approved.
To mark the launch, El Salvador President Nayib Bukele offered to give away $30 in Bitcoin to all citizens who decide to download the government’s BTC wallet, Chivo, which is slang for “cool” in El Salvador.
Now, through global communities like Reddit and Twitter, Bitcoin enthusiasts worldwide have pledged to buy $30 worth of Bitcoin on September 7 at 8pm UTC to match the amount provided by the app and provide a “support gesture” to the nation.
A number of Reddit threads on r/Bitcoin have appeared outlining the plans for the day, which involves the potential purchase of $30 of BTC from more than three million members of the online community. The thread notes that the reason behind the cause is to mark “an important time in Bitcoin” and residents of El Salvador that remain sceptical “that Bitcoin has value for them”.
Prominent Bitcoin bull Michael Saylor also took to Twitter to bring awareness to the cause by asking his followers to “join us” and support “the people of #ElSalvador and their leader @nayibbukele”.
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
So far, a resounding 83% of people polled voted yes to supporting the cause, indicating that the global Bitcoin community is eager to get involved.
The future of El Salvador
Concerns have arisen regarding the implementation of Bitcoin as a payment method, which has led to some citizens remaining uncertain about accepting Bitcoin and how it could potentially affect the native currency – the colón.
Bukele addressed the concerns of the nation by reinforcing the motto that accepting Bitcoin as legal tender will, on a short term basis, “generate jobs and help provide financial inclusion to thousands”.
Bukele also declared that the digital asset will “bring financial inclusion, investment, tourism, innovation and economic development” to El Salvador – a positive outlook regarding the economic future of his nation.
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Following the recent climate concerns regarding Bitcoin mining, El Salvador’s pledge to support a “100% renewable” energy source brings prestige and credibility to their operations and sets an example for other countries looking to tackle the concerns surrounding Bitcoin mining.
To support their cryptocurrency ambitions, El Salvador also recently partnered with Algorand-based blockchain Koibanx to “deliver national crypto adoption for banks and financial services” in the nation.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.