Bitcoin demand surges in China as traditional investment methods drop
April 23, 2020 @ 20:30 +03:00
Bitcoin’s spot in the Chinese market has always been guaranteed, although the country’s government has always been quite antagonistic towards the digital currency. The trading of BTC and the majority of other digital currencies is still illegal in China. Regardless of this backlash, China’s cryptocurrency community is still very spirited as Google trends indicate that Bitcoin demand is about to hike very soon.
According to data from Google Trends, the interest in BTC and other bitcoin-related queries is likely to hit a perfect 100 score before the week is over. Although it is not possible to explain the sudden bitcoin demand hike, the upcoming bitcoin blocks halving, which is less than a month, is a strong factor to consider. Bitcoin demand hikes most of the time when the halving event draws closer, as many investors expect to reap handsome profits from their holdings.
Bitcoin demand hikes amid coronavirus pandemic The sudden bitcoin demand hike is quite surprising, considering the current situation globally with coronavirus pandemic. As the world struggles to fight the epidemic and navigate its hard-hitting effects, investors are exploring alternative methods to both invest and save their wealth.
The economy of China is predicted to drop by 6.8% during this quarter, with a 3% dip in GDP. Considering the unpredictability with the traditional markets and investments, on top of the fast-approaching halving event, the future might turn out bright for bitcoin and its holders.
Bitcoin demand surges in China as traditional investment methods drop, Cryptopolitan, Apr 23