Bitcoin has always been the number one call when investments are concerned in the Peoples Republic of China, even though the government in the Asian country doesn’t sit well with the development. Investments and trades in the leading digital asset and others alike are against the law in china. Even at that, reports coming out of the country shows that the crypto community has grown over the years with demand for Bitcoin on a high in the recent weeks.
According to a report put forward by Google Trends, the interest in Bitcoin might go well over and reach a perfect 100 score before the week runs out. While analysts are unsure why the surge I happening in the Asian country, many have been quick to attribute it to the Bitcoin halving that is about to happen in the coming weeks. Like the previous years, investors are always in haste to buy the flagship cryptocurrency days or weeks before it halving as it presents an excellent investment to the buyers and traders.
Analysts have questioned the spike in demand for the digital asset amid the Coronavirus pandemic that is ravaging the world. The Coronavirus pandemic has disrupted the daily lives of many individuals while forcing them into lockdown imposed by their respective countries, and they would rather seek to put money in digital assets instead of financial banks and institutions.
Earlier this year, the Chinese economy witnessed a collapse it had not witnessed since 2002, making it 18 years since the country has enjoyed a buoyant economy. Because of this, many people are considering investing in stock funds instead of putting cash in money markets. With the risky nature of the stock fund, most people might overlook that and look to the fact that they would be open to getting a high yield from their investments. This new development has opened the door for Bitcoin though being one of the risky investments, could bring in more than enough needed profits.
Even as the market continues to fall, the Chinese population are now looking to the digital assets to help boost their fortune and bring in massive profits. Chinese citizens have been looking to Bitcoin since late last year when the Yuan started to drop drastically as a result of the trade war between China and USA. With the Chinese market expected to still drop as low as 3% in the coming weeks, investors are now putting more money on Bitcoin, leaving the traditional financial houses.