Bitcoin price pump movement is growing ahead of El Salvador’s rollout

(Bloomberg) – A growing movement on social media is urging people to buy small amounts of Bitcoin in support of El Salvador’s plan to make the token legal tender.

Users on platforms like Twitter and Reddit are discussing plans to buy $ 30 worth of bitcoin en masse on Sept. 7 to mark the entry into force of El Salvador’s bitcoin law. The potentially coordinated price pump mirrors previous online campaigns targeting meme stocks like GameStop Corp.

El Salvador has started installing Bitcoin ATMs so citizens can convert the token into US dollars, and the government has created a $ 150 million fund to convert Bitcoin to US dollars support. Salvadorans can download the government’s digital wallet, enter their ID number and receive $ 30 in bitcoin, Treasury Secretary Alejandro Zelaya told local media last month.

It will be a challenge for users to actually coordinate and implement such a plan, said Vijay Ayyar, head of Asia Pacific at the Luno crypto exchange in Singapore.

“Saying something and actually doing it is very different,” he said.

Bitcoin has had a strong run lately, rising to nearly $ 52,000 on Monday to hit its highest level since May. It did so amid a broader crypto sector revival following a loss earlier this year.

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