As Bitcoin (BTC) breaks past $10,000, it is trending once again in China. The leading cryptocurrency is the 4th hottest topic today on Weibo.
Although China seems hostile towards cryptocurrencies, its citizens still seem to be following it closely. On Weibo today, many in China were surprised to find that Bitcoin was trending after breaking past the $10,000 price point. It seems that the world is once again paying attention to Bitcoin now that it has broken past this milestone yet again.
It remains to be seen whether Bitcoin can maintain this price level, but at the time of writing, it is trading at around $10,063.
— Molly (@bigmagicdao) February 9, 2020
China has always been one of Bitcoin’s largest markets, despite the strong restrictions on trading cryptocurrencies in the country. Most miners are based in China, and the country still remains one of the top OTC trading hubs. Amid the internal issues plaguing China right now, including the coronavirus, it is curious that Bitcoin has nonetheless managed to secure a trending position on Weibo.
There is also room for speculation that some Chinese investors are looking to Bitcoin as a possible hedge against calamity. Recently, BeInCrypto reported that the economic forecast for 2020 is looking especially bad for the country. Top-ranked economist and Evercore ISI Chairman Ed Hyman has said that China could see its entire economy come to a standstill this year with growth effectively at 0.0%.
Such economic worries have historically been linked to a rise in Bitcoin’s price. With the asset now breaking past $10,000, this seems to be the case yet again. Still, it remains to be seen how Bitcoin will respond in a recession-like scenario. The young asset has only been around since 2009 and has never experienced an economic crisis of any kind. So, it is looking like Bitcoin may be put to the test if such economic fears become a reality.