For once, there is good news that’s coming out of China. After a large string of bad news, everything from the market crashes to the virus itself spreading; it’s nice to hear something good coming out of the industrial powerhouse.
Baidu Experiencing 183% Rise In Crypto Search
Due to the sheer volume of people now working from home, self-isolating, and otherwise practicing social distancing to avoid exposure to COVID-19, online searches regarding crypto have been increasing.
According to reports, the China-regulated search engine, Baidu, has experienced a substantial increase in searches for “buy Bitcoin” or BTC. To be exact, the data shows that searches for the world’s first cryptocurrency had increased by 183% within the past thirty days or so. Along with this, the number of people looking for information regarding cryptocurrencies available on mobile devices has also shot up impressively.
The Many Narratives Pushed
This increase in interest runs alongside the narrative that the world will start to see crypto as a hedge against banks, due to this global market meltdown currently happening. Whether it’s true, or otherwise just as false as Bitcoin being a haven asset, remains to be seen, but the interest is there for those to take notice of it.
As it stands now, Google is blocked by China. The PRC simply doesn’t approve of the “unregulated” format of google, as the nation is somewhat infamous for how keen it is to control the flow of information.
Google Showing Similar Results
However, it’s essential to know that Google has been experiencing an uptick in crypto interest as well. The online powerhouse has recently reported a 30-day high in BTC search results within the United States, having done so on the 13th of March, 2020. Interestingly enough, this came shortly after the great crypto market crash of 2020, which saw the most significant drop in seven years for BTC, and over a billion USD’s worth of BTC liquidated.
As a large segment of the world’s population is left with nothing but their internet connection as a primary means of contact, global interest in everything online rose. However, with so many plugged in, the sheer volume and overall market sentiment played to Bitcoin’s strength, leaving no one really surprised with the growing interest. What’s important to note, is that those seeking to buy crypto is significantly more than those wanting to sell, which could hint to the crypto market starting to recover.