Is it time to buy Bitcoin??? Google searches data.
Data from Google Trends shows search interest for Bitcoin hit a 14-month high. This data confirms studies that suggest there’s a correlation between Bitcoin’s price movements and search interest for it. Which is an obvious statement giving the nature of Bitcoin or most cryptocurrency. It is nt about Google search, there have been studies showing the correlation between Twitter posts and Wikipedia article views to Bitcoin’s price.
Safe t say that the relationship between public interest and price is undeniable. Bitcoin’s famous wild market cycles is FOMO materialised.
Bitcoin has been hovering around $8,000. The CBS 60 Minutes segment, “Bitcoin’s Wild Ride,” which aired last week was very positive for Bitcoin.
Bitcoin’s price movement has been getting more and more people to search for it. There seems to be a real connection between people searching Bitcoin on Google and actual investment in the cryptocurrency. Bitcoin’s price can be predicted based on the number of Google searches for it, because the latter precedes the former, making Google search a key indicator for Bitcoin trading.
Back in 2017, search engine marketing firm SEMRush found that Bitcoin’s price had a 91% correlation with Google searches for it.
Google trends also shows us the geographic origin of Bitcoin searches, with countries in Africa and Europe ranking in the top 10:
Nigeria - dethronized South Africa which was always on the 1st place acc. to buying as well interest in crypto.
South Africa - seems that RSA gave the lead to Nigeria
Ghana - we are still in Africa, again we have t agree that revolution is happening on emerging markets
Netherlands - first European country. NL was always known as innovative - no surprises here, taking into consideration the strong community in crypto and Fintech generally.
Slovenia - Eastern Europe is coming into play :D Soon on that list we should see Poland and Romania.
United Arab Emirates
United Kingdom - quite far, however, as mentioned, developed markets will apply that new technology after emerging markets. Simply, there is no urgency for digital currencies on developed markets.
Beyond prices, Google searches also indicate the pulse of an entire geographic region for crypto. Using Google Trends we have tried to uncover the interest for the top two cryptocurrencies, Bitcoin and Ethereum, overall for Cryptocurrencies and for Blockchain technology, performing searches for “Bitcoin”, “Ethereum”, “Blockchain” and “Cryptocurrency”.
It';s no surprise that countries like Japan, South Korea, China and Russia lead the world in interest for “Blockchain”. They are building solutions to harness the power of decentralization and stand at the forefront of developing blockchain technologies.
In most western countries like the United States, the European Union, Canada, the United Kingdom and Australia, Bitcoin dominates user searches.
In South America, Venezuela presents an interesting case. With its unstable political situation and economy, “Bitcoin” is the top query with 75% of the results.
Contributed | This content is contributed or sourced from third parties but has been subject to FTHours editorial review. Source and details.