Although China has long been known as a country that doesn't like cryptocurrencies, its citizens seem to be following it. On Weibo today, many people in China were surprised to see the trend of surpassing Bitcoin's $ 10,000 level. It seems the world has to pay attention to Bitcoin once again when its price reaches this milestone.
But it remains to be seen whether Bitcoin can hold on to this milestone. At the time of writing, BTC prices are hovering around $ 10,100.
– molly (@molllliy) February 9, 2020
“#Bitcoin reaching $ 10,000 is currently the trending topic on Weibo, the fourth hottest topic today.”
China has always been considered one of the largest markets for Bitcoin, despite strong restrictions on cryptocurrency transactions in the country of billions of people. Most of the major mining companies are based in China and the country remains the leading OTC trading center. Given the internal problems that are plaguing China, such as the Corona Virus, it is strange that Bitcoin still maintains a trending position on Weibo.
Some speculate that Chinese investors are looking to Bitcoin as a safe haven to fight domestic turmoil. Recently, BeInCrypto reported on an economic forecast for 2020, which described a particularly bad prospect for China. Ed Hyman, the leading economist and president of Evercore, stated that China could see its entire economy fall into a stalemate this year with an effective growth rate of 0.0%.
Such economic concerns have historically been linked to Bitcoin's price move. With assets now surpassing $ 10,000, this seems to be happening again. However, it remains to be seen how Bitcoin will react in a scenario like the recession. This fledgling property only appeared in 2009 and has never experienced an economic crisis of any kind. So economic concerns like this could be a test for Bitcoin.
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According to BeInCrypto
Translated by ToiYeuBitcoin