“Saying something and actually doing it are very different,” Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore, told Bloomberg. Whether Reddit and Twitter users will be able to coordinate a GameStop like price jump for Bitcoin is not clear, however. "The watchdog is clearly horrified at the lack of controls implemented by major social media platforms," she said, adding that the FCA is worried that financially vulnerable people are getting lured into “get rich quick” schemes and going into debt to speculate on cryptocurrencies. Randell's discussion of Kardashian in the meeting "shows just how concerned the FCA is about the level of financial promotion of crypto assets on social media," said Susannah Streeter, markets analyst at Hargreaves Lansdown. “It may have been the financial promotion with the single biggest audience reach in history,” Randell said. Ethereum Max, not to be confused with the more broadly known Ethereum cryptocurrency, is a speculative digital token created earlier this year. In a paid advertisement post, Kardashian asked her 250 million Instagram followers to speculate on a crypto token and 'join the Ethereum Max Community'.
6 speech to the Cambridge International Symposium on Economic Crime to reality TV star Kim Kardashian. The promotion of Bitcoin parallels some of the other coordinated price pumps arranged recently on social media, such as 'meme stock' jumps in video game retailer GameStop.Ĭoordinated buying and selling of financial assets is a great worry to financial regulators such as Britain’s watchdog, the Financial Conduct Authority, whose chair Charles Randell dedicated a large chunk of his Sept.
dollars, and President Bukele took to using crypto to lure tourists and entrepreneurs to the Central American destination. El Salvador has a population of almost 6.5 million.Īs the introduction of Bitcoin has approached, El Salvador began installing Bitcoin ATMs to help citizens convert the digital currency into U.S.
Salvadoran Finance Minister Alejandro Zelaya said he expects 2.5 million citizens to download the wallet. dollars-though those who are paid with it will be able to convert it, El Salvador's president, Nayib Bukele, said in June. This $30 in Bitcoin is meant to foment the use of the cryptocurrency and can only be spent as Bitcoin-the original recipient cannot convert it back into U.S. Citizens who download the government’s digital wallet-named 'Chivo'-and enter their ID number will receive $30 in Bitcoin for free. The El Salvador government has created a $150 million fund to finance the conversion between Bitcoin into U.S. This has come amid a broader resurgence in cryptocurrencies, after Bitcoin fell below $30,000 in July. 7, $99,505,860 will be added to the currency.īitcoin has surged recently, hitting $52,000 at one point Monday-its highest level since May. Posters on Reddit optimistically suggested that if all 3,316,862 community members buy $30 of Bitcoin each on Sept. 7 in honor of El Salvador becoming the first country to take up the cryptocurrency as legal tender. © MARVIN RECINOS-AFP/Getty Images EL SALVADOR-ECONOMY-CRYPTOCURRENCY-BITCOINĪ movement across Twitter and Reddit is calling for followers of Bitcoin to buy $30 of the cryptocurrency on Sept.
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