Baidu is China’s top search engine. It is commonly referred to as the Chinese “Google” due to its popularity.
Bitcoin appearing as a top trending word in China is notable for several reasons. When Bitcoin trends in searches, the coin also pumps. Expert investors inside and outside of the cryptocurrency sector often use the internet’s trending terms to determine which direction the market will be moving.
Due to the recent price surge, #bitcoin tops today’s Baidu hottest emerging keywords. (Baidu is like China’s Google) pic.twitter.com/AWtVw9aOzw
— cnLedger (@cnLedger) April 4, 2019
Bitcoin trending atop the Baidu hotlist also means that cryptocurrency related searches got by the Great Firewall of China. China has implemented harsh restrictions on cryptocurrency related searches, but they didn’t stop “how to buy Bitcoin” searches from taking over China.
There is a lot of room for cryptocurrency to grow in China because of the limited access many have had to information on digital assets in general. The price surge along with the Bitcoin-related top search terms show that interest is growing at an impressive rate in China.
BitPay COO Sonny Singh thinks the interest in Bitcoin is growing to a point where a major bull run can be driven by Chinese buyers alone. During a recent Bloomberg panel, Singh tried to explain the recent gains.
“A lot of times these price spikes happen in America but now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
When countries that have previously cracked down on crypto start easing their stances, millions of new people and potential buyers will be exposed to digital assets for the first time. Russia, China, and India all hold huge portions of the world’s population. These countries could hold the key to the next Bitcoin rush.