Is China buying up all the bitcoin?
I'm sure you freaks have noticed the price surge that Bitcoin has experienced this week. Climbing from ~$9,500 seven days ago to ~$12,800 as I type these beautiful words. I was perusing Twitter the other day and noticed people sharing the Google Trends charts for "bitcoin" and "buy bitcoin" search terms which seemed to be pretty anemic considering the recent price rally. This has led to some surmising that there is no retail money driving this rally and that the big guys are loading up on the down low.
1/ Here's a breakdown of Baidu keyword trends (China's Google):
— Louis Aboud-Hogben (@louAboudHogben) June 25, 2019
6 months of data shows material growth in activity, currently >3x from the 6 month average. @etiennebru @DoveyWan @zhusu pic.twitter.com/RFhaCo6OfR
WeChat keyword analytics shows 5x growth for 'bitcoin' ('比特币') over 90 days @etiennebru pic.twitter.com/zkuLuteFYZ
— Louis Aboud-Hogben (@louAboudHogben) June 25, 2019
I'm sure you freaks have noticed the price surge that Bitcoin has experienced this week. Climbing from ~$9,500 seven days ago to ~$12,800 as I type these beautiful words. I was perusing Twitter the other day and noticed people sharing the Google Trends charts for "bitcoin" and "buy bitcoin" search terms which seemed to be pretty anemic considering the recent price rally. This has led to some surmising that there is no retail money driving this rally and that the big guys are loading up on the down low.
However, if we look beyond our Western view of the world and take a look at what is going down on China's Google equivalent, Baidu, you'll find, as our friend Louis has brought to light, that interest in Bitcoin is surging across China. The people of the People's Republic seem to be waking up to the fact that they may need to stash some wealth in a sovereign digital currency as they embark on a trade war with the US and as the global economy begins to show signs of faltering. Are we seeing Bitcoin cement itself as a safe haven asset right in front of our eyes? I think so.
Beyond China, there are other maligned countries suffering under sanctions set by the US that seem to be catching the Bitcoin bug. Particularly Iran, where some mosques are taking advantage of their subsidized energy to mine Bitcoin.
تو مسجد بیتکوین ماین میکنند
— رضا مهدوی (@Rmahdavii) June 26, 2019
قربت الی الله pic.twitter.com/cPdOo0g0hK
Slowly but surely the world begins to grasp the gravity of Bitcoin and its freedom enabling essence. As I type right now, we have just surpassed $13,000 with authority. Is this all going to happen much faster than anyone anticipates? I wouldn't be surprised.
Final thought...
Ready to get back to my apartment. Writing from a hotel bed in my undies is not ideal.
