Bitcoin is growing in China
Bitcoin demand is going up in China as the network halving is drawing close. The traders are becoming more interested in the cryptocurrency as other investment options are still highly volatile.
Google Trends suggest, that interest in Bitcoin and related searches has been growing rapidly last week. The last jump of BTC demand is difficult to explain with certainty. However, the most likely reason is the network’s halving, which in less than 20 days away. Investors expect a hefty payoff when the update hits.
The impact of the coronavirus pandemic on the global economy also plays its part. Chinese economy is expected to contract by 6.8% in the current quarter, the country's GDP is expected to drop 3%. In this context, even the unstable Bitcoin seems to be a more reliable investment option.
The containment measures are an issue as well. Some experts believe, that governments around the world will keep new surveillance programmes working even when the pandemic is over. Cryptocurrencies remain one of the best ways to move funds anonymously.