South Africans Emerge as Most Active in Googling “Bitcoin”
Google trends show that South Africa ranks on top when it comes to countries where people exhibit interest in the search term “Bitcoin.” The US city of Yonkers in New York State holds the first place among cities whose residents run such searches.
South Africa has shown the strongest interest in the search term “Bitcoin” over the past 12 months, while Yonkers (New York) has been the most active city in exploring the term, according to Google Trends data. “Bitcoin” was googled the most in the period from December 17 to December 23.
Interestingly, there is a direct correlation between the Bitcoin price and the cryptocurrency’s popularity on Google. Here is the impressive march of the Bitcoin quotation, which sat at $822 on January 15, 2017, and peaked at $19,324 about a month ago:
And here is how people’s interest in the search term “Bitcoin” progressed:
The most active countries for “Bitcoin” searches on Google were South Africa, Slovenia, the Netherlands, Australia, and Austria. The top 10 is rounded off by Singapore, Nigeria, Switzerland, Canada, and Ghana. The US is in the 14th place, while Germany and the UK are 19th and 20th, respectively.
Thus, Africa has three countries in the top 10 googling “Bitcoin,” Europe has four, Asia and North America are each represented by one, and Australia gets the 4th place. It is worth mentioning that the majority of these countries have been really active in implementing blockchain - the technology behind Bitcoin. This is especially true for Australia (where ASX moved its Clearing House Electronic Subregister System to a blockchain system), Singapore, Canada, and Switzerland (which has its Crypto Valley in Zug).
However, this list does not represent only crypto-friendly regions. In the case of African countries, we have nations with unstable national currencies. A recent Goldman Sachs report mentions South Africa, Nigeria, and Ghana as countries with volatile currencies and growing dissatisfaction with central banking systems. Bitcoin is gaining popularity in these regions as an alternative solution for storing value.
It was recently reported that more and more South Africans are buying cars and other expensive goods with their Bitcoin.