Chinese search engine, Baidu has revealed that the more and more citizens are getting interested in Bitcoin, as the total search index for the blockchain-based digital asset surged by 183 percent in the last 30 days, according to a report by local news source ShenlianCaijing on March 21, 2020.
Chinese Netizens Interest in Bitcoin Grow
While trading in bitcoin (BTC) and other blockchain-based virtual currencies remain banned in China, the people’s interest in the flagship cryptocurrency has reportedly increased significantly in the past 30 days, partly due to the coronavirus pandemic which has forced many to work from home.
Per sources close to the matter, on Baidu, China’s top search engine, there were a total of 6066 searches for distributed ledger technology (DLT) in the past 30 days, an overall increase of 28 percent year-on-year (YoY), while the number of searches for blockchain technology on mobile devices also increased by 21 percent YoY.
In the same vein, the Bitcoin search index on the platform rose to 43,891, which is a YoY increase of 183 percent, while bitcoin searches on mobile devices increased by a massive 212 percent YoY.
Ether (ETH), the native altcoin of the Ethereum smart contracts blockchain also attracted significant interest from the Chinese people, as ether searches got an overall daily average of 5068, a 26 percent increase YoY.
Also, it’s worth noting that Google search for bitcoin (BTC) in the United States hit a 30-day high on March 13, 2020
Preparing for Recession with Bitcoin
Though the exact reason for China’s renewed interest in bitcoin and ether is still unknown, the best guess is that millennials and other residents are now looking to buy bitcoin in preparation for the global financial crisis brought about by COVID-19.
According to a March 2020 survey conducted by iTrustCapital, a good number of respondents aged 30-44 made it clear that bitcoin and hard metal such as gold are their best choice of investment vehicles during these trying times.
While China has already contained the coronavirus epidemic within its shores, the rest of the world are still battling with the disease, with several firms putting measures in place to reduce the spread of the virus.
On March 10, 2020, reports emerged that the New York State Department of Financial Services (NYDFS) has urged crypto market participants in the region to submit a comprehensive report detailing their preparedness to manage the risks of service disruption caused by COVID-19.
At press time, the price of Bitcoin (BTC) is down by seven percent trading at $5,832, with a market cap of $106.63 billion, as seen on CoinMarketCap.
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