Bitcoin trading is prohibited in China, but this does not discourage its citizens from being treated kryptowaluty as a potential alternative investment.
Google Trends a Bitcoin
The above can be seen from the data from Google Trends. These suggest that more and more users are searching the internet for information on cryptocurrency. Especially now, in the face of the global economic crisis caused by the coronavirus.
Demand for BTC it may also increase due to, e.g., a decline in the yield on 10-year Chinese government bonds. This profitability has fallen to its worst level since 2002.
The global coronavirus pandemic has hit all major sectors of the economy, including production. Let us remember that many companies produced their products in the Middle Kingdom.
Bitcoin trading is popular during economic turmoil
We note that there is still a chance that BTC will benefit from the crisis. Until now, it was growing most often when the world was shaking. For example, in 2019, the number of searches for “bitcoin” in the Baidu search engine was increasing strongly when a trade war between the US and China was underway. In the same period cryptocurrency reached almost USD 14,000.
Later, analysts noted that Chinese investors used Bitcoins as a means to protect their investment portfolios in the era of yuan decline. The same may happen soon. The more so because central banks are doing a lot to weaken fiat currencies.
That’s not all, even crypto– Skeptic Mark Cuban, technology billionaire and owner of the NBA team Dallas Mavericks, has now said that the current crisis may or may not contribute to an increase in BTC. In his opinion, everything will now depend on the markets’ reaction to mass reprint by central banks. Let us remind you that it is the same Mark Cuban who said a few months ago that he prefers bananas over BTC, because he can at least eat these.
Current course You can always check Bitcoin and other cryptocurrencies in the tabs: course Bitcoin and cryptocurrency exchange rate on Bitcoin.pl. A place where you can buy Bitcoin and other kryptowaluty, include cryptocurrency exchange BitBay.net. If you don’t have a BitBay account yet, this article will show you how to create one efficiently: LINK.
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