El Salvador has officially launched Bitcoin as legal tender in the country.
The move has been immediately followed by the #7SeptemberBuyBTC hashtag on Twitter aimed at promoting the value of the currency in the newly-digitalized economy.
The price of Bitcoin saw growth of 2.5% in the early hours of Tuesday with many prominent figures deciding to back El Salvador's march towards digitalization.
MicroStrategy CEO Michael Saylor called for “cyber hornets” to show solidarity with the people of El Salvador and called for symbolic $30 purchases of Bitcoin to back the country on its road to digitalization.
Bitcoin's sub-Reddit, an online discussion board, said that they are going to take action and urged passers-by to do the same. Some users, though, have remained skeptical of such wide-spread calls for Bitcoin purchases, calling it a “pump”.
A pump is a strategy that some investors use to build up hype and cash in their assets before a price-correction occurs, reducing the price below the original value.
The law was proposed by El Salvador’s President Nayib Bukele who has been calling for Bitcoin to become a legitimate currency that will be used as much as, say, the US dollar.
The law mandates that prices in the country must now be expressed in BTC and all merchants and sale outlets will have to accept crypto. This comes at odds with a previous promise by President Bukele which stated that Bitcoin would not be a mandatory currency.
El Salvador recently arrested a Bitcoin dissident who has been a vocal critic of the government's shift towards the digital currency.