Google Experienced Increased Searches For “Bitcoin” after the Price Spike in April
Bitcoin is a virtual currency without a central bank which can be transferred from one crypto trader to another on peer-to-peer bitcoin network without the help of intermediaries. It was founded by Satoshi Nakamoto
As per the Google Trend Data, Google searches for the world’s largest cryptocurrency, “Bitcoin” has increased during the price surge that happened recently. According to the data, Bitcoin searches spiked on 2nd April 2019 soon after the cryptocurrency prices spiked around 20 percent i.e, $4,961 in an hour. It is reported to be the highest price since November 2018. The Google search request hopped from 30 to 100. As a matter of fact, the searches occurred from the geographies that are not involved in cryptocurrencies.
The interest was seen mainly in Nigeria, the Netherlands, South Africa, Austria, and Switzerland. However, a maximum number of Bitcoin searches occurred in California, Washington, Nevada, New York, and Colorado in the United States. Unfortunately, the United Kingdom did not make it to the top 10 countries of most “bitcoin” searchers.
According to the speculations, it is believed that the search interest spiked mainly because of the increase in the price of the cryptocurrency. The price of Bitcoin jumped to $5,000 for the first time since November 2018. This actually marked three consecutive days of price rise of world’s largest cryptocurrency.
Tone Vays, the cryptoanalyst stated: “Bitcoin is no different than any other asset.” It is believed that the crypto traders are converting pounds to Bitcoin than Brexit that is scheduled to take place in mid-April. However, the others are allocated the spike to algorithmic trading.