While the entire world is practicing quarantine, work from home and social distancing amid the COVID-19 pandemic, online searches about cryptocurrencies have shot up.
Baidu and Google dealing with high BTC Search queries
According to a report, the Chinese search engine Baidu has witnessed a 183% spike in searches regarding Bitcoin over the last one month. On the other hand, the global search engine Google (which is now banned in China) is also experiencing high searches regarding cryptocurrencies. Google USA hit a 30-day high last week on March 13th for BTC search queries.
Understanding BTC Search spike amid COVID-19
The COVID-19 outbreak has hinted towards a global economic crisis. However, the spike in people’s crypto interest is an indicator of the fact that the value of cryptocurrencies including Bitcoin may well increase as a hedging response to banking shutdown across the globe, due to the Coronavirus scare. Interestingly, the high search queries in Google means that people all over the world (not only China) are contemplating placing their bets on crypto. This might have a lasting impact on the future of crypto adoption.
However, reports suggest that the number of people willing to sell their crypto is much less than those showing online interest. This is a seemingly surprising trend, the reason being, many Americans are now confined to their homes, with few being entirely unemployed. In such a scenario with even banks and ATMs running in scarcity, it was expected that such will liquidate their crypto assets in order to keep cash and pay for urgent daily requirements. However, we are experiencing an opposite trend with people showing interest in buying crypto.
As of now, the BTC price has somewhat recovered from a major crash recently. It would be interesting to note the progress of the crypto community In the next couple of weeks.