Interest in 'Bitcoin' on Google Search hits 12-month high amid heightened volatility
Despite Bitcoin undergoing heightened volatility in recent months, the interest in the flagship cryptocurrency has skyrocketed as the market anticipates the next price action.
The searches have also shot up after Bitcoin made slight gains following weeks of sustained correction.
Data acquired by Finbold indicates that as of the week ending June 12, 2022, Google Search interest in the keyword ‘Bitcoin’ hit a 12-month high with a peak popularity score of 100. Notably, the spike represents a growth of 35% from a score of 74 recorded in the week ending June 27, 2021.
The 100 popularity score also represents a growth of over 156% from 39 registered as of June 5, 2022.
In particular, El Salvador leads in the number of countries showing the highest interest in Bitcoin at 100. The Netherlands ranks second with a score of 27, followed by Nigeria at 26, while Switzerland is third at 22, the same score as Turkey and Austria.
Other countries with significant search volume include Slovenia (22), Singapore (20), Canada (18) and Germany (18).
Drivers for El Salvador’s high volume searches
The report highlights possible drivers behind El Salvador’s dominance in Bitcoin searches. According to the research report: "From the Google Search trend, El Salvador stands out, recording significant volume, correlating with the country’s historic declaration of Bitcoin as a legal tender. Since the declaration, the scope of adoption has not been determined, although the government is making moves to increase adoption."
Historically, Bitcoin’s Google searches volume has closely correlated with the asset’s price movement driven by investor curiosity and in some cases controversy.
Currently, the crypto has dropped to historical lows last experienced over one year ago. The drop in valuation usually presents an opportunity for potential investors to buy in the dip with the aim of profiting during the next rally. There remains a general sentiment that Bitcoin will rebound from the latest price drop.