The number of searches for the word “bitcoin” in the search engines Baidu and Google has grown significantly over the past month. The results regarding buying the cryptocurrency are markedly higher than those seeking to sell it.
The interest could be related to the theory that a global economic meltdown may lead to a growing value for the cryptocurrency as a hedge against the banks.
The COVID-19-related quarantine has given rise to financial difficulties and Bitcoin traders may need to liquidate at least some of their holdings to pay for everyday expenses. However, it seems many are looking to purchase more. The price of BTC has stabilized following the crash two weeks ago, and traders may be looking to buy while the price is low.