Bitcoin Searches Spike On Google Trends

According to the world leading search engine, people’s interest in Bitcoin has spiked considerably over the last 5 days, despite the #1 cryptocurrency’s recent poor performance.

Analysing the latest Google Trends data, we can see a clear peak in recent Bitcoin searches in the last 5 days, comparable to relatively normal ‘Blockchain’ and ‘Cryptocurrency’ search levels over a 90 day range.

At this stage Google statistics only plot as recently as June 11th, with Bitcoin’s value jumping to 68 from 36; the highest search levels the #1 cryptocurrency has seen since April 25th 2018.

Looking at a breakdown of the top 5 geographical locations where people have been searching for Bitcoin the most, we can see that South Africa comes out on top with a value of 82. This could potentially be due to SA citizens researching into Bitcoin following the recent expansion of Zimbabwe crypto exchange, Golix, across Uganda, South Africa and Kenya, in a bid to avoid the crypto ban in its home nation. 

Interestingly Nigeria and Ghana, two countries also on the African continent, have been listed as having the 2nd and 3rd highest search hits for Bitcoin, respectively; way ahead of the more customary pro-crypto countries such as Singapore which is 6th, US which is in 13th place and Hong Kong which is way down in 22nd place.

Does this mean we should anticipate new BTC market support to appear from African investors in the near future on the back of this heightened interest? Or will we have to rely on the current struggling global support to try and drive Bitcoin back above $7,000, as traders fight desperately against the recently outlined market manipulation? Only time will tell.