June 16 2020 | AtoZ Markets – There are several metrics that can be used to measure market sentiment and general interest. Google searches are one and they are up for bitcoin by a big margin.
Only when bitcoin starts surging again, and especially when it tops $10,000, do people start paying attention again.
Taking a look at Google search trends can give us an indication as to how much interest there is from the general public. The data will also show whether it could result in another round of FOMO.
Bitcoin Google search surges in Africa
An interactive map showing the level of cryptocurrency interest worldwide revealed that Bitcoin searches are most frequent in countries in Africa and South America. According to the map published at Blockchaincenter.net, Google Trends data shows that the flagship cryptocurrency dominates search interest in Africa.
94.7% of all crypto-related searches including BTC, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Monero, and Tron—in Kenya are for Bitcoin. In comparison, Nigeria and South Africa had high percentages of 89.4% and 89%, respectively.
The search indicates countries in Africa may become key crypto players in the future. As AtoZ Markets reported, the spokesperson of the Nigerian House of Representatives, Femi Gbajabiamila, has called for adopting a legal framework for regulating cryptocurrencies.
South Africa, however, has 13% of crypto ownership in Africa, the highest among internet users in the continent.
Earlier this year, the country’s financial regulator issued a policy document asserting that crypto-assets and activities relating to virtual currencies can no longer remain outside of the regulatory perimeter. Many experts in the industry, including Twitter and Square CEO Jack Dorsey, agree that Africa is now the continent that would decide the future of Bitcoin.
Interest in BTC increases amid COVID-19 pandemic
Four countries from South America made it to the top ten most’ Bitcoin maximalist’ to Africa’s three. Brazil had the highest search interest in bitcoin at 92.6%, while both Chile and Ecuador were roughly 89%. With 87.7%, Argentina had the lowest interest of the top ten in the region.
The ongoing global pandemic seemed to spark greater demand for crypto in these nations. Even though Venezuela did not make the top ten, but Bitcoin search interest in the region was still 75.2%. The ongoing COVID-19 pandemic has forced people to engage in digital payments to avoid coming in contact with other people. The interest in Bitcoin all over the world has increased in the last few months.
Will Africa and South America drive Bitcoin price to new highs soon? Share your thoughts below!