Thanks to Chinese President Xi Jinping’s recent support to Blockchain technology and the subsequent 42% massive rally in Bitcoin price on October 25, the worldwide search for Bitcoin on Google, WeChat and Baidu have hit rocket high levels.
According to data from Google, worldwide searches for Bitcoin has now climbed and secured its highest spot in three months. The statistics show that Bitcoin was searched the most in five African countries. The five countries are Nigeria, Brazil, Ghana, Austria, and South Africa. However, this spike was not seen in Blockchain searches on Google as there were no sudden movements whether upward or downward.
Likewise, the multi-purpose social media channel WeChat also witnessed a significant rise for Blockchain on October 25, a day after President Xi Jinping’s speech. Bitcoin saw a rise in search the following day. WeChat is served as the first information provider to white-collar workers. Baidu, an adobe of “newbies” also recorded a massive rise of over 1300% for Blockchain on 25 October, with the Bitcoin query jumped back up on October 26 after seeing a slight decrease in October 25.
Despite WeChat’s ban on Bitcoin trading, searches for Bitcoin and Blockchain are currently at an estimated number of 1.3 million and 9.2 million respectively, according to data from the Wechat index.
The data further shows that on the 23rd of October, searches for Bitcoin and Blockchain were seated at 572,000 and 777,000 respectively, revealing that most people in China are now more interested in Bitcoin and even more impressively, over 8 million of its residents have discovered the Blockchain technology, all of which happened the same day President Xi Jinping pledged his support for the Blockchain technology.
During a meeting with the Politburo Committee on October 24, President Xi highlighted the potential for Blockchain to bolster the Chinese economy, while remarking on plans to spearhead the development of Blockchain technologies. The Chinese President’s speech about the virtues of Blockchain technology proved to be a trigger for the price rise across the cryptocurrency market.
Emphasizing its importance in the digital finance field to the supply chain management sector, President Xi Jinping had stated, “We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on several key technologies, and accelerate the development of blockchain and industrial innovation”