Interest in ‘Bitcoin’ in Google searches hits 12-month high amid high volatility

In the past year, interest in Bitcoin (BTC) has grown just as the cryptocurrency has recorded its all-time high. However, in 2022, despite the price drop, Bitcoin continues to attract interest.

Despite the asset experiencing high volatility, interest around BTC has increased in recent days. Data from Google, the largest search engine on the internet, shows that the search for the keyword “Bitcoin” has reached a 12-month high. The spike represents a 35% increase from a score of 74 recorded in the first week of June.

In particular, El Salvador leads the list of countries showing the most interest in Bitcoin with a peak of 100. Next comes the Netherlands with a score of 27, followed by Nigeria with 26.

Meanwhile, Switzerland is fourth with 22, the same score as Turkey and Austria. The popularity score of 100 also represents an increase of over 156% from the beginning of the month.

A surge in Bitcoin-related searches has coincided with the massive drop in BTC. According to analyst Justinas Baltrusaitis, this was to be expected given the drastic movement in price.

“In most cases, there is a correlation between Bitcoin searches and asset price movement,” he points out.

That is, when there are large ups or downs, searches always increase. In addition, according to him, the number of Google searches for Bitcoin usually increases in moments of curiosity.

“That is, when Bitcoin becomes news for one fact or another. In this case, it was the fall”, he highlights.

Baltrusaitis also pointed out that interest in BTC can be seen as an increase in fear of missing out on opportunity (FOMO) as well.

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“After the Bitcoin price correction, more people try to get involved to profit from a new rally”, he highlights.

Amid continued growing volatility, experts hold that Bitcoin will rise again. Bloomberg Intelligence senior commodities strategist Mike McGlone, for example, is also bullish on this.

He noted that once Bitcoin supply declines along with increased adoption, it will drive the price up. In this way, the combination of these two factors will make the cryptocurrency reach the mark of about US$ 100,000 by 2025.

Furthermore, he pointed out that people chose to research Bitcoin in times of economic meltdown. For example, the global economy is under immense pressure amid rising inflation, with fears of a lingering recession.

In this case, Bitcoin is seen as a hedge against inflation and a safe haven.

“Notably, searches for Bitcoin are likely to fluctuate in correlation with wild market volatility,” he said.

Also read: Circle CEO does not rule out the possibility of USDC users being blocked

Read also: Bitcoin closes worst week of 2022 and trader warns: “there are no clear bullish signs”

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