Search interest in the world’s oldest cryptocurrency surges as Bitcoin prices have broken through the $30,000 mark for the first time in ten months. According to data from Google Trends, the search term “bitcoin” has reached a score of 93 out of 100 in the past few days.
What’s Driving the Surge in Search Interest for Bitcoin?
The search term “bitcoin” reached a score of 93 out of 100 on Google Trends over the past seven days while the crypto was on its way to $30,000. Bitcoin is also trending on Twitter, with over 88,000 tweets featuring the hashtag #cryptocurrency.
Several factors are seen to be driving the surge in search interest for the cryptocurrency. The primary factor influencing it is Bitcoin’s dominance that’s currently taking over 47% of the crypto market. So far, it’s the highest it has been in two years, according to CoinMarketCap.
Moreover, El Salvador has played a significant role in the recent boost in search interest. The country made Bitcoin its legal tender in 2021 and it just granted a digital assets license to Bitfinex for bond issuance as of late. As a result, it presently sits on top of the list of Google Trends in terms of “interest by region” with a maxed-out score of 100.
Nigeria follows the Central American country with a score of 69. Meanwhile, the Netherlands, Slovenia, and Switzerland are treading along 43 to 40 from third to fifth of the rankings, respectively.
Other news stories related to Bitcoin have driven up search interest, too. One such story is the much-talked-about discovery of the Bitcoin white paper in 2018 to present MacOS devices.
Hot topics associated with the search term “bitcoin” right now include white paper, MicroStrategy, and the name Nakamoto.
Will the Upward Trend in Interest Continue?
There are several reasons to believe that the upward trend in Bitcoin’s search interest will continue. Among the factors that may come into play are the following:
- Bitcoin’s dominance in the cryptocurrency market is at its highest level in two years and will possibly keep a major slice of it in the years to come.
- The recent news from El Salvador as well as its massive adoption elsewhere will probably continue to generate a lot of interest in it.
- Although the search term “bitcoin” has not reached its overall record-high of 100 again, which it achieved in December 2017, the trends appear to follow an upward trajectory on the way to its latest rating.
- Unpopular changes in monetary policies and bank failures are likely to drum up investors’ interest in Bitcoin. This is due to the fact that it has already proven itself to be an effective alternative hedge against inflation much like gold.
- Even the controversies caused by failed crypto exchanges as well as crypto-friendly banks are likely to pique the interest of people in the digital currency.
The recent surge in search interest in Bitcoin is driven by several factors, including its dominance in the cryptocurrency market, the news from El Salvador, and other related developments as well as controversies in the crypto landscape.
While it is impossible to predict the future with certainty, there are reasons to believe that the upward trend in search interest will continue. The recent boost in search interest is definitely a positive sign for Bitcoin and the cryptocurrency market as a whole because it suggests that public interest in them remains strong.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.