Coronavirus is now forcing everyone in the world to stay in their homes. And if you are stuck at home, what else can you do? You can play video games, do some Netflix binge-watching, or invest in cryptocurrencies. Yup, you’ve read it right. People are currently searching for crypto information on the internet while they are on lockdown.
Google trends and Baidu app see a surge in crypto searches
According to a local report in China, Baidu, a China-based searching app, had recently seen a huge surge in crypto information search in their database. The data index shows searches for Bitcoin or BTC increased by 183% over the past thirty days of lockdown in the country.
“Bitcoin has an overall increase of 28% year-on-year, and the mobile increase of 21% year-on-year. Mobile rose 212% year-on-year. In the past 30 days, the overall daily average of the Ethereum Search Index was 5068, an overall increase of 26% year-on-year, and mobile increased 34% year-on-year,” written on the report.
Online searches about how it works, what is a cryptocurrency, and its benefits compared to banking and fiat; are now one of the leading topics that Baidu searchers are now looking at the internet. Why is that?
Since China had the worst-Coronavirus cases in the world, the country is now facing huge dropped on its market and, therefore, a big fall down to the banking system. Due to this, Chinese citizens might be looking for something more stable compared to normal fiat and banking. With that, it was kind of obvious why people cling to the idea of online currencies.
United States also searches the word ‘crypto’ more often than usual
If you think that Chinese men were the only ones looking for alternatives on their banking system, you are mistaken.
Even Americans are now leaning towards the idea of virtual currencies. As reported, Google Trends showed a massive 30-day high increase on the word ‘bitcoin’ on the internet on Mar. 13. This was only hours ago before the greatest fall of bitcoin happened that caused the $9,000 original price of bitcoin to its lowest state of over $4,000.
As of today, Mar. 23, the bitcoin price ranges between $5,000 to $6,000. This price seemed to be backing up from its bearish state and might be a great chance for potential bitcoin owners to dive in again on the Google Trends to search more about crypto.
Due to the virus, cryptocurrency is now proving its ability to withstand the chaos that is still happening in the world market. Which financial entity can survive this virus?