Coordinated purchase of bitcoins aims to launch in El Salvador

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(Bloomberg) — A growing movement on social media is encouraging the purchase of small amounts of bitcoin in support of El Salvador’s plan to make the digital token official.

Users on platforms like Twitter and Reddit comment on plans to buy $30 in bitcoins on Sept. 7 to mark the entry into force of the cryptocurrency law in El Salvador. The potential coordinated price increase follows in the footsteps of previous online campaigns focusing on so-called meme actions, such as the roles of video game retailer GameStop.

El Salvador has begun installing ATMs so that citizens can convert bitcoins into dollars, and the government has created a $150 million fund to support token conversions into US currency. Salvadorans will be able to download the government’s digital card, enter their identity number and receive $30 in bitcoins, Finance Minister Alejandro Zelaya told local media last month.

It will be a challenge for users to be able to coordinate and execute such a plan, said Vijay Ayyar, head of Asia Pacific at the Luno cryptocurrency exchange in Singapore.

“Saying something and actually doing it is very different,” he said.

Bitcoin is on a rally, rising to nearly $52,000 on Monday, the highest level since May. The cryptocurrency sector shows broader recovery after the sell-off earlier this year.

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