As Bitcoin bulls eye a profitable September, the price of the largest cryptocurrency rallied by 2.5% over the day on Monday to reach a four-month high of $51,908 before backtracking to $51,600 at the time of writing. With weekly gains of 5.6%, Bitcoin has also seen an impressive surge in daily trading volumes, surpassing $77 billion.
Bitcoin rises ahead of El Salvador’s adoption.
One possible reason behind the latest surge in the price of bitcoin is a growing social media campaign calling for people to purchase small amounts of Bitcoin on September 7, when the leading cryptocurrency becomes legal tender in El Salvador. Over the past few days, users on social media platform Twitter, often via the #7SeptemberBuyBTC hashtag, have been sharing plans to coordinate $30 purchases of Bitcoin–a move meant to show support for El Salvador’s Bitcoin law. Some well-known figures also 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.
People continue to protest against the latest bitcoin law.
The controversial bitcoin law was proposed by President Nayib Bukele and passed by the Legislative Assembly of El Salvador in June. The new law recognizes Bitcoin as “unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.” Despite President Bukele’s enthusiasm and assurance, El Salvador’s Bitcoin law was met with criticism and even resulted in a lawsuit filed by the Farabundo Marti National Liberation Front, the country’s opposition party, in June.