Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Chinese President Xi Jinping’s Oct 24 speech endorsing blockchain seems to have yielded the desired impact on his target audience. Two days after the iconic speech, awareness and curiosity surrounding distributed digital ledger technology and Bitcoin have shot up substantially.

Recent data from WeChat, which accounts for a significant chunk of the total internet search volume in China, shows that the number blockchain-related search queries on the platform increased by more than 300 percent a day after Xi’s speech and, then, a further 276 percent on Oct 26.

The surge is more than 10x if we compare it to the search volume from a day before Xi’s speech — and that’s just in WeChat search, the built-in search engine of the popular messaging app.

Bitcoin Drives More Curiosity Than Usual

It was not surprising to see Bitcoin invoking a similar spike in curiosity in Chinese internet users, given that the first and foremost cryptocurrency popularized it.

However, searches for blockchain still outpaced Bitcoin — which is expected, considering that President Xi’s speech was only focused on the rich potential of blockchain technology. Moreover, Bitcoin trading is banned in China and the communist regime’s growing focus on blockchain is unlikely to change that status quo.

According to available data, total searches containing the keyword Bitcoin stood at 572k on Oct 23 — one day before Xi delivered his iconic pro-blockchain speech. By Oct 25, that figure shot up more than 2x to 1.3 million.

China Bitcoin

China Bitcoin

WeChat Search Accounted for a Small Part of the Surge

Dovey Wan shared a similar set of data that shows the aforementioned surge in WeChat search volume is just the proverbial tip-of-the-iceberg. Her data shows that Baidu served 14x more searches containing the keyword blockchain on Oct 25 as compared to Oct 24.

Dovey Wan’s data, however, suggests that interest in Bitcoin dipped marginally a day after XI’s speech and then spiked again on the following day. This probably indicates that the surge in Bitcoin-related searches had more to do with the recent rally that pushed BTC prices all the way up to $10,000 and above on Oct 26.

Meanwhile, analysts are optimistic that President Xi’s speech will go a long way thwarting many of the misconceptions surrounding blockchain and Bitcoin. Similarly, it will also put a lot of western investors at ease knowing that China, which got itself a head-start in the blockchain industry, is betting on the still-nascent-but-promising technology over the long haul.


Images courtesy of Twitter, Shutterstock.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News