I can’t think of any other way to say this but Libra is actually trending in China…
Just as a little bit of context for those that this might be lost on, Facebook is actually banned in China. In fact, China has basically banned all mainstream Western media outlets, but even so, Libra seems to have slipped through cracks. It's also worth mentioning that cryptocurrencies are near enough banned, especially bitcoin.
Oh, the Irony!
The Chinese crypto insider, cnLedger noted earlier this week that data from Google Trends indicates its users in the nation are showing more interest for the term ‘Facebook Libra’ than those in the United States. The insider actually says that there is ten times as much interest in Libra compared to the US.
A lot of firms that are involved with Libra are based in the US so this really doesn’t add up when you think about it?
I mean technically, Google is banned in China too so this makes this whole fiasco even weirder!
“Google trends shows that China ranks top in searching keyword "Facebook Libra", while the U.S. showing only ~1/10 the interest.”
It is worth highlighting the fact that this data doesn’t suggest that China has more interest in ‘Facebook Libra’ by pure numbers. As reported by Ethereum World News, an excerpt of the Google Trends data methodology states:
“Search results are proportionate to the time and location of a query by the following process: Each data point is divided by the total searches of the geography and time range it represents to compare relative popularity.”
With this in mind, China could be taking up a higher percentage of the national Google bandwidth for ‘Facebook Libra’ than in the United States.
With what Donald Trump has recently said on Bitcoin and Libra, it might not come as that much of a surprise that the two digital assets aren't as popular in the nation.
Thre are some people, like Fundstrat’s Tom Lee who is concerned that the President might implement a ban for cryptocurrencies in the future, even though this is unlikely to realistically happen.