Blockchain search volumes skyrocket in China following President Xi's remarks

Search volumes for blockchain-related keywords saw staggering breakouts on Chinese search engine Baidu and messaging app WeChat, following China President Xi Jinping's public support of blockchain on Friday, Oct. 25. 

The word "blockchain" was searched 72,049 times on Baidu on Friday, a 1,382.79% surge compared to the day before. The same word also saw 329% growth on WeChat and was searched for 3,331,874 times. The positive momentum continued into the weekend, with the search volumes for "blockchain" increased by around 170% on both WeChat and Baidu on Saturday. 

Meanwhile, search volumes for "bitcoin" did not gain as strong an upswing as "blockchain," and even saw a slight 5% dip on Friday on both WeChat and Baidu. However, the word picked up traction the day after and rose by 144% on WeChat and by 216% on Baidu. 

Chinese Internet users' sudden intensified interest in blockchain and bitcoin is largely due to President Xi's endorsement of blockchain. In a meeting on Thursday with the Communist Party leadership, Xi stressed that China should commit to developing blockchain and take the leading position in this technology. 

Although various Chinese government officials have made comments on blockchain and cryptocurrencies in the past, Xi's remark is likely the highest-profile public approval of blockchain that Beijing has given out to date.