Bitcoin Day in El Salvador

The recent article about El Salvador accepting Bitcoin as legal tender is now a reality. The 7th of September 2021 is known as Bitcoin day where the country distributed $30 to all adult citizens which enabled them to begin spending on goods and services. The Bitcoin reddit community with over 3.3million users purchased $30 of bitcoin in support of the monumental day, totalling close to USD$100M in bitcoin buys.

Brazilian Reddit community of millions each pledge to stack $30 of sats when El Salvador #Bitcoin Law goes into effect today (Brazil's independence day); a country with extreme inflation and multiple currency resets in the past understands futuristic sound money. https://t.co/ID3lgxgxKM

— What Bitcoin Did (@WhatBitcoinDid) September 7, 2021

However the good intentions of the reddit community weren’t enough to keep the price of bitcoin from plummeting from USD$52K to a wick down to as low as USD$42K. Here’s a great thread on reasons behind the violent drop.

Today was the first time I've been woken up because the market was moving in a while — it's the biggest move we've seen in months! What happened?

A thread about history. pic.twitter.com/o0ojE0kVLJ

— Sam Trabucco (@AlamedaTrabucco) September 8, 2021

Jack Mallers has been an instrumental figure with Bitcoin adoption in El Salvador and outlines below how import Bitcoin day is to the El Salvadorians.

One small step for #Bitcoin, one giant leap for mankind.

Today, humanity takes a giant leap forward in promoting human freedoms, improving financial inclusion, and securing economic stability + economic opportunity for all.

Happy #BitcoinDay ✊♥️🇸🇻https://t.co/JZ6PzfKh6F pic.twitter.com/iu2bntmldy

— Jack Mallers (@jackmallers) September 7, 2021