Bitcoin goes viral on Weibo as halving approaches

Bitcoin halving is one of the most anticipated events of 2020, and it is approaching rapidly, currently only being around 20 days away. With the event being one of the crucial ones in Bitcoin’s history, it already has a major impact on the crypto world.

As many know, Bitcoin halving will once again reduce the amount of BTC received in block rewards. For the last four years, crypto miners received 12.5 BTC per each block. Now, the rewards will drop to 6.25 BTC per block.

But, while the rewards are expected to drop, the price is expected to surge. This is what caused a lot of excitement about the coin worldwide. Recent reports even said that BTC had gone viral on Weibo, also known as Chinese Twitter,

“Bitcoin halving” as a dominating search term

The new information from Molly — the former head of Bitcoin Magazine’s branch in China — the Chinese term for ‘Bitcoin halving’ gone viral on Weibo. It was not THE most searched topic, but it did land the sixth spot on the list for the first time. This indicates a massive amount of interest in the halving event in China, even though the country doesn’t allow BTC to purchase with yuan.

Bitcoin halving was also a popular search term on Google, according to global Google Trends data. Last month’s total ‘Bitcoin halving’ searches ended up being noticeably larger than the month before. The projections for April predict that it will become twice as popular in this month, overall.

This is a very bullish factor, and it indicates that the interest in halving might be what gave the crypto market the boost it experienced. Google Trends shows that ‘Buy Bitcoin’ and ‘Bitcoin halving’ trended side by side ever since the year had started. They grew and dropped together, and while the correlation was not perfect, it definitely existed.

Bitcoin could see a major rally because of these four factors

But even so, halving is only one bullish factor that is pushing the interest in BTC to rise. Kevin Koh, the Spartan Group fund’s partner, and former Goldman Sachs partner, said as much himself.

Apart from halving, he identified four more factors that will drive BTC growth. Those include the approaching launch of Libra, China’s CBDC, the fact that some of the top markets legalized BTC, and lastly, the fact that the US Fed activated QE Infinity. or infinite cash printing.