China has been a barren land for Bitcoin as the authorities have been against it. The apex cryptocurrency has suffered several restrictions in the world’s second-largest economy, which has kept crypto trade at bay. However, several reports have emerged in the recent past, which suggest that despite the restrictions, the popularity of Bitcoin is high and on the rise in China.
Presenting an analysis of Bitcoin’s popularity in the Asian powerhouse, famous crypto, and financial analyst, Alex Krüger discussed the trends on Baidu, which is the equivalent of Google Search in China. In a series of tweets, Krüger discussed how the search numbers of Bitcoin have spiked in the last few weeks.
There's been a lot of talk about how China has been the driver behind Bitcoin's move up since the first week of May. So I decided to look into bitcoin Baidu trends (China's Google). China's bitcoin popularity has definitively been on the rise. 👇 pic.twitter.com/kQ38WJfGjp
— Alex Krüger (@krugermacro) June 3, 2019
Upon researching, Krüger finds out that Bitcoin’s popularity trend in China’s Baidu was in line with the global trends shown by Google. It means that the popularity is on the rise even in China, corresponding with the global rise. Krüger’s report indicates that the global crypto community is highly integrated and has a uniform behavior pattern.
Why is China important for crypto?
In the last few decades, China has emerged as the world’s largest consumer market, especially for technology-driven products and services. Every major tech gadget, iPhone to electric drones, is heavily consumed in the Chinese markets.
If Bitcoin’s popularity in China continues to grow, it could force the government to rethink its stand on cryptocurrencies. Recently, there have been reports about a government official stating that owning Bitcoins is not illegal in China, which could be a hint of what future beholds. Once free crypto trade is granted in China, the sheer demand size will give a bombastic boost to the crypto market, enough to trigger a mega rally.