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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Internet Searches for ‘Bitcoin’ Explode amid Inflation Fears

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
Reading Time: 2 mins read
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Queries on Google for Bitcoin reached its highest level alongside its spot price.

As of this week, Google Trends, a metric to measure general interest in trending topics, returned a value of 100 for the US search query for the keyword ‘Bitcoin.’ That is more than three times higher than the value of 30 observed in late September-early October 2020 session on a 12-month timeframe.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin trend on Google shoots to its maximum on a 12-month period. Source: Google Trends
Bitcoin trend on Google shoots to its maximum on a 12-month period. Source: Google Trends

Meanwhile, the same keyword’s worldwide trend was 94, still three times higher than its score of 33 in early October 2020.

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Fractal Trend?

The internet search volume increased after Bitcoin established an all-time high of $19,915 on Monday (data from Coinbase). Its record came as a part of a rally that witnessed the Bitcoin price rising by more than 400 percent from its mid-March nadir of $3,858.

That also marked the second time Bitcoin came very near to testing the $20,000 since the frenzy of December 2017. Back then, the Google Trend global score for ‘bitcoin’ has topped at 100 on a five-year timeframe. But this time, the trend maxed out at 24 — still the best level since June 2019.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin trend on Google hits its highest level since June 2019 on a 5-year timeframe. Source: Google Trends
Bitcoin trend on Google hits its highest level since June 2019 on a 5-year timeframe. Source: Google Trends

Crypto market analyst Jebb McAfee looked at the difference as a bullish sign, stating that an underscored Google trend attached with a record high Bitcoin price showed that the cryptocurrency had more room to grow higher. The data may validate that institutional investors are driving the Bitcoin prices upward.

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Bitcoin Adoption Boom

Several firms, including MicroStrategy, Cypherphunk Holdings, Square, and others have replaced a good portion of their cash reserves with Bitcoin. Their decision came in the wake of the Federal Reserve’s infinite bond-buying and ultralow interest rate policies that removed shine off short-term government debts and the US dollar itself.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin price is looking to close above $20,000. Source: BTCUSD on TradingView.com
Bitcoin price is looking to close above $20,000. Source: BTCUSD on TradingView.com

Meanwhile, their fears of long-term inflation made Bitcoin look like an appealing asset thanks to its limited supply.

“In a world where you’ve got $90 trillion worth of equity market cap and God knows how many trillions of fiat currency, etcetera…it’s the wrong market cap, for instance, relative to gold, which is $8 or $9 trillion,” said billionaire investor Paul Tudor Jones.

“I’m going to assume that it’s the wrong [Bitcoin] price for the possibilities that it has. And I’m going to assume that the path forward from here is north,” he added.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencygoogle trend
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Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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