Back in December 2017, Google reported that searches on the term ‘bitcoin’ were at an all time high, which is hardly surprising given the cryptocurrency’s record trading high of $20,000 at the time. However, according to Google data what we are seeing once again is a flurry of bitcoin search activity.
The data shows that worldwide searches for the bitcoin keyword have not been as high since April 2018, and that over the last three days equalled 17% of the weekly search figures in December of last year. It might not sound like much, but it is an indicator of returning interest in what is still the №1 cryptocurrency.
Who is searching for bitcoin?
Thanks to Google’s data we are able to see where the current interest in bitcoin is coming from. The answer isn’t as obvious as one might think; it certainly isn’t a case of ‘the usual suspects’. Top of the bitcoin searchers are Nigeria, South Africa and Australia in that order, while the US just about scrapes into the Top 20 at number 19.
Why are they searching for bitcoin?
Coindesk suggests the following reason: “The seven-month high in Google searches for bitcoin perhaps should not come as a surprise since the cryptocurrency made headlines last week for its price falling to a 13-month low below $4,000. Data further reveals the searches for bitcoin more than doubled on the day it entered the $3,000 range, Nov. 24.”
It certainly sounds plausible as there must be a segment of the population planning to buy in the dip, as is so often advocated by traders. And there is another way to look at it: past data shows that there is a correlation between search trends on the keyword ‘bitcoin’ and bitcoin’s price, so the upswing in the number of searches over the last few days may augur well for its price in the near future, as all bitcoin owners will be hoping.