We all know that China is quite strict towards cryptocurrencies and its exchanges, however, it does not mean that the governmental views and view of ordinary citizens always coincide.
Amid the tension growth between the US and China, people tend to get interested in crypto more than before.
The world’s first cryptocurrency was not welcomed by June, since in price has dropped by 7.24% over the past day, same cannot be said for May, when Bitcoin price soared by 60%. A famous economist Alex Kruger conducted a research on China’s influence on Bitcoin’s bull market. He found out that China did help BTC price last month. He calculated search trends on China’s search giant – Baidu – looking for answers and connecting the dots.
“China’s bitcoin popularity has definitively been on the rise.”
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
The connection between BTC price and Baidu search is not an odd coincidence. Chinese investors and major businessmen are afraid of the crisis between Chinese and American trade relations. Therefore, they have been converting the local currency into USD or Bitcoin. Renminbi rate has shed 2% against USD due to President Trump’s aggressive tariffs, thus such development is quite logical.
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