As Bitcoin bulls see a successful September, the largest cryptocurrency rose 2.5 percent on Monday to a four-month high of $51,908 before falling down to $51,600 by press time.
Bitcoin has experienced a remarkable increase in daily trade volumes, topping $77 billion, with weekly gains of 5.6 percent.
One probable explanation for the recent price movement is a rising social media campaign encouraging individuals to buy tiny amounts of Bitcoin on September 7, when the cryptocurrency becomes legal tender in El Salvador.
Users on the social media platform Twitter have been discussing intentions to coordinate $30 Bitcoin purchases in the last few days, typically with the hashtag #7SeptemberBuyBTC–a gesture aimed to show support for El Salvador’s Bitcoin law.
Some prominent figures joined the campaign as well, including MicroStrategy’s CEO Michael Saylor, who wants “every cyber hornet” to show solidarity with the people of El Salvador and the country’s president Nayib Bukele.
Members of the 3.3 million-strong r/Bitcoin, Reddit’s largest Bitcoin-themed group, are also being encouraged to join the action, with the topic starter, who goes by the pseudonym “thadiusb,” calculating that if all of the group’s members join the call, they could potentially buy up to $99.5 million worth of Bitcoin.
While “thadiusb” claims that this is “more of a support gesture than a pump,” other users have already expressed worry that a concerted campaign on a specific date and time could produce a price pump and “make it more expensive for Salvadorans to accumulate.”