- Douyin, the Chinese version of Tiktok, is displaying Bitcoin price when searched on its platform.
- This is a significant move by ByteDance-owned Douyin, considering China’s ban on cryptocurrencies.
Douyin, the Chinese version of Tiktok, is now displaying Bitcoin prices when searched, similar to Twitter’s initiative. The ByteDance-owned company’s move is an interesting development considering the ban on cryptocurrencies by the People’s Bank of China.
The central bank sees cryptocurrencies as a risk to the country’s economic instability and financial crimes. However, China’s Bitcoin mining industry remains strong, and the country is encouraging Hong Kong to become a hub for the crypto market and the blockchain ecosystem.
Tron founder Justin Sun announced the new feature on China’s Tiktok earlier this week, with the Bitcoin price being displayed against the Chinese currency when searched on the platform. While the initiative is exciting, it is still unclear if the move will have a significant impact on Bitcoin adoption and investment in China.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 10, 2023
Despite the government’s restrictions, the country is known to be a significant player in the global Bitcoin market, with a considerable amount of mining taking place in the country.
The move by Douyin may signal a growing interest in cryptocurrencies among the Chinese population, despite the government’s negative stance on the industry. However, the platform’s display of Bitcoin prices may also be a reflection of the global interest in cryptocurrencies as a hedge against inflation and dedollarization.
With concerns over the economic instability in the US, Bitcoin and other cryptocurrencies have gained attention as an alternative investment option. The move by Douyin may also inspire other Chinese platforms to display cryptocurrency prices, further promoting the adoption of cryptocurrencies in China.
Overall, the display of Bitcoin prices on Douyin is an exciting development for the cryptocurrency industry. While the move may not significantly impact Bitcoin adoption in China, it highlights the growing interest in cryptocurrencies globally and the potential for increased adoption and investment in the industry.