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Bitcoin
TechTech Trends

Bitcoin remains fast-trending topic on Chinese social media as cryptocurrency’s surging price overcomes stigma of government ban

  • Bitcoin on Wednesday ranked as the 11th most-searched term on microblogging service Weibo
  • On super app WeChat, bitcoin’s popularity increased more than 358 per cent from a day ago

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Chinese social media’s increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban. Photo: Shutterstock
Xinmei Shen
The surging price of bitcoin has sparked increased attention from internet users in mainland China, where some cryptocurrency-related activities persist in spite of a sweeping government ban.
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The world’s largest and most valuable cryptocurrency, bitcoin gained more than 16 per cent over the past five days to surpass US$59,000 on Wednesday, which made it a fast-trending topic on all major Chinese social media platforms.
At one point on Wednesday, bitcoin ranked as the 11th most-searched term on microblogging service Weibo.
Bitcoin’s popularity also increased more than 358 per cent from a day ago on Chinese super app WeChat, according to Tencent Holdings’ official WeChat Index, which tracks keyword traction across in-app search, videos, live streams and blog posts.
The Chinese government banned banks from handling bitcoin in 2013 and forced cryptocurrency exchanges to move offshore in 2017. In 2021, the country’s regulators reiterated the prohibition on all financial institutions from engaging in crypto-related activities. Photo: Shutterstock
The Chinese government banned banks from handling bitcoin in 2013 and forced cryptocurrency exchanges to move offshore in 2017. In 2021, the country’s regulators reiterated the prohibition on all financial institutions from engaging in crypto-related activities. Photo: Shutterstock
That followed a 676 per cent jump in bitcoin’s popularity on WeChat on February 13, the same day bitcoin reached the US$50,000 mark for the first time in more than two years.
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Bitcoin has climbed 40 per cent since the beginning of February after staying below US$30,000 for the most part of last year, following a crypto market rout in 2022.
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