In two weeks, the Bitcoin trending topic on Chinese Twitter is observed by those who can read Chinese characters. Although the Chinese Yuan might be prohibited in the Republic of China, however, that has not stopped the residents of China from discussing cryptocurrency.
This was clarified yesterday by Samson Mow, the CSO of Block stream. He said that with regard to pieces of information from Chinese Twitter-Weibo, Bitcoin was the top topic of discussion. That marked the third in the last fourteen days.
Bitcoin trends on Weibo
Mow posted screen captures of Chinese Twitter names of the trending topics from Tuesday last week. Using the search name Bitcoin‘s drop in price resulted in the thirteenth most viral name on the platform. This should not be a concern since Chinese Twitter has over 400 million active users expressing how eager they are about Bitcoin.
Samson Mow@Exallion tweets:
Bitcoin is the top discussion on Weibo, higher compared to the past although the price has dropped.
Biggest television in China spreads Bitcoin
The trend of Bitcoin perhaps has been brought about by the biggest television broadcaster in China, CCTV, which shared an article in its finance column.
Molly, a former staff of Bitcoin Magazine, reports on Bitcoin’s 3rd halving and the current price rise to $10000. However, the article was not translated into English, but sources interpreted the explanation was about how Bitcoin outshone the past halvings.
Bitcoin in a short while may go viral on the globe. Not far from the halving, investors from the west part of the planet have been looking for terms that could foretell compared to the last halving.
So how do the Chinese feel about the Bitcoin trend?
There’s a rumor among cryptocurrency industry veterans that Chinese investors are trying to exchange the yuan for other assets, like dollars and bitcoin. The reason? Because they think the yuan will continue to drop. When President Trump has raised tariffs sometime in the past, the yuan has fallen 2% versus the dollar.
Some fear President Xi Jinping will devalue the currency significantly to keep Chinese goods price-competitive for U.S. buyers despite tariffs. Dovey Wan, a former partner at venture capital firm DHVC and cofounder of crypto holding company Primitive Ventures, has previously explained the recent rise of Bitcoin by citing similarities between two price charts: Bitcoin and the U.S. dollar-Chinese yuan exchange rate.
Google trends show Americans trending search that seems to be an omen of good fortune: “Bitcoin halving,” “Buy Bitcoin,” and “what is Bitcoin.” are skyrocketing, boding well for the bullish narrative.
A Fear Factor For BTC/USD?
Mentions were also made about the high profile hedge fund manager Paul Tudor Jones and his treasure trove of Bitcoins although he did not exactly reveal how much. The popular finance drama Billions had its season five premiere on Showtime. When the words “Bitcoin” escaped the lips of the main actor, it was almost anticlimactic. He ranted about bitcoin having no value, so that’s not exactly positive.
The hype around the event, however, is failing to materialize into a raging bull run despite the halving supply cut being ever nearer. Moreover, the recent comments by the hedge fund manager, Tudor Jones, have done little to force a retest of the $10,000 level.
The block reward halving is expected to automatically activate at block #630,000 (at around 7 PM GMT May 11) effectively cutting the miner’s reward to 6.25 BTC.