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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.
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.

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.
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.
Fuelled by the launch of spot bitcoin exchange-traded funds in the United States in January, bitcoin is now trading at its highest level since reaching a historic high of US$69,000 in November 2021.
The strong interest in Chinese social media of bitcoin prices’ ascent reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite Beijing’s rigid stance against all crypto-related activities.
Bitcoin hits US$50,000 for first time in 2 years as ETF approval drives demand
Investing in cryptocurrencies has recently become more attractive to some people on the mainland, as the country’s stock market continues to plummet amid its economic woes, according to a Reuters report in January.
Cryptocurrency trading via a number of major exchanges has also remained active in mainland China, as traders employ a range of workarounds to skirt loosely implemented restrictions.
Despite warnings on its site, Binance allows mainland users to create accounts and trade on the exchange via some workarounds, according to tests conducted by the South China Morning Post.
Still, the Chinese government has ramped up its scrutiny of all activities related to cryptocurrencies over the years, citing risks to financial stability.
China’s back-door crypto traders look more important than ever to Binance’s future
Beijing is now tackling money laundering risks associated with cryptocurrencies, even though it endorses Hong Kong’s ambitions to become a major hub for virtual assets.
In research firm Chainalysis’ ranking of cryptocurrency adoption in 20 major countries, mainland China took the No 11 spot last year after placing tenth in 2022.
While mainland China’s ranking in terms of trading volume on centralised crypto exchanges dropped to the No 10 spot last year after placing second in 2022, Chainalysis said the country ranked 13th in peer-to-peer trading volume last year, up from No 144 in 2022.
Before cryptocurrency exchange FTX collapsed in 2022, mainland Chinese traders made up 8 per cent of the platform’s user base, according to the company’s bankruptcy filings.


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Bitcoin

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

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

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

China seeks revision of anti-money-laundering law to address risks related to cryptocurrencies and other virtual assets

China’s Anti-Money-Laundering Law has not undergone a major revision since it was enacted in 2006. Photo: Shutterstock

Chinese Premier Li Qiang last month chaired a meeting of the State Council that discussed a proposed amendment to the country’s existing Anti-Money Laundering Law. Photo: EPA-EFE

Chinese bitcoin miners are flocking to Ethiopia, attracted by cheap energy, ideal climate

The Grand Ethiopian Renaissance Dam under construction in Ethiopia, seen in December 2019. Photo: AFP

The Grand Ethiopian Renaissance Dam is the largest hydropower plant in Africa. Photo: AFP

A damaged tank stands abandoned on a road near Humera, Ethiopia. The country emerged from a civil war in its north only two years ago. Photo: AFP

A cafe in Addis Ababa, Ethiopia. Only about half of the country’s population have access to electricity. Photo: AP Photo

Chinese President Xi Jinping met Ethiopian Prime Minister Abiy Ahmed on the sidelines of the BRICS Summit in Johannesburg, South Africa, last August. Photo: Xinhua

Ethiopian children plant trees in the capital, Addis Ababa. Photo: AFP

US bitcoin ETF trades soar to US$4.6 billion on first day after landmark SEC approval

Representatives and guests from BlackRock ring the opening bell, as spot bitcoin spot ETFs began trading on the Nasdaq Exchange on Thursday. Photo: Getty Images/AFP 

The Grayscale Bitcoin Trust ETF signage on the floor of the New York Stock Exchange. Photo: Bloomberg

Shanghai explainer on taxation of digital currency transaction drives speculation on potential easing of China’s crypto ban

China over the years has ramped up its crackdown on all activities related to cryptocurrencies, citing financial stability risks. Image: Shutterstock

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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


The increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban.


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

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}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

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