Rumors arose on social networks that some people, followers of the Bitcoin community, plan to buy around R$150 worth of digital currency on the 7th of September.
This date marks Brazil’s Independence Day, when in 1822 there was the famous “Cry of Ipiranga”. The milestone happened when Prince Regent, Dom Pedro II, spoke the famous phrase of “Independence or death”, freeing Brazilians from their commitments to Portugal.
But, in addition to Brazil, another population from a neighboring country will also be celebrating a cry for freedom: on the day September 7, 2021 El Salvador’s Bitcoin Law will begin to function, after its approval at the local congress in recent months.
Understand the movement of people who want to buy R$ 150 in Bitcoin on September 7th
Many people imagine that buying Bitcoin requires a lot of money, as each unit of digital currency costs around R$260,000 each. However, as it has its division into fractions.
It is possible to buy Bitcoin for as little as R$1.00 on some platforms. In other words, there is no barrier to entry into digital currency.
With this in mind, some people gathered in Reddit’s largest Bitcoin community have posted a bold proposal to bring together a anonymous buyer force the currency on September 7th, which should acquire US$ 30.00 in BTC.
“Are we all buying $30 in Bitcoins on Tuesday?”
If the movement materializes, only in the Reddit community, which has 3.3 million members, the movement in the market may show a large acquisition volume on date, in addition to that already registered daily.
By agreeing a time for the acquisition, the author of the proposal recalled that the law will enter into force at 3 pm El Salvador time — which would be 7 pm Brasília time.
The excitement of some people about the first nation to adopt Bitcoin — El Salvador — as its official currency has prompted some members of the community to begin a countdown to the important moment, awaited since El Salvador’s National Congress passed the pioneering law.
Author of the purchase proposal argued that his gesture is not a manipulation, but a support
After the user u/thadiusb publish his proposal on Reddit, some people accused him of wanting to manipulate the Bitcoin price with people’s help.
The user ended up defending himself, stating that it is not a scheme he is planning, but public support for the first nation that will make digital currency legal tender.
“I meant this more as a gesture of support rather than a pump. It’s the first time a nation has embraced Bitcoin. This is an important moment in Bitcoin. Let’s show El Salvador, for those who are still in doubt about it, that Bitcoin has value to them. And for each one. Bitcoin is significant.”
Called the currency of freedom by fans and even by Nayib Bukele, the president of El Salvador, Bitcoin will, on September 7, make its first global adoption movement in the country.
Despite the intention of some people to buy the cryptocurrency on the stipulated day, it is worth noting that there is no guarantee that this will be a successful speculative move.
So, if you intend to adopt the idea, keep in mind that it can bring risks case done without study.