Google Searches for Bitcoin Surges in Argentina

Google searches for “Bitcoin” in Argentina have surged skyward in the past few months, data from the search engine giant shows.

January 26, 2021 | AtoZ MarketsThe number of searches for the word “Bitcoin” in Argentina in recent weeks has followed an exponential trajectory. The indicator doubled the 2017 bull market record.

Google Trends: Argentina’s Bitcoin Interest Is Twice As Strong As 2017

The Latin American country continues to be in a permanent economic crisis, accompanied by rising unemployment, high inflation and a depreciation of the national currency. Many people in Argentina see digital gold as an alternative to weather the current uncertainty.

Read also: Cuba Turns to Bitcoin to Circumvent US Sanctions

In December, when Bitcoin renewed its previous record near $20,000, Google Trends was 28%. A value of 100 is said to be “peak popularity,” while values below 50 mean half or less than half of the popularity.

A study of P2P platform Paxful last year found that seven out of ten Argentines consider Bitcoin to be an effective hedge against the effects of inflation. This is the view shared by most of the local technology firm executives and asset managers.

Such popularity of the first cryptocurrency is explained by the new anti-records of the peso, which has depreciated against the dollar by 4.3 times over the past three years.

Data: Tradingeconomics.

MicroStrategy CEO Michael Saylor cited the peso/dollar trend as confirmation of the rationale for holding reserves in bitcoin.

Similar trends in Google Trends, as in Argentina, are typical for people in NigeriaGhana and South Africa.

Recall that Arcane Research analysts identified Africa as the most promising region for the development of the crypto industry.

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