Google Searches for Bitcoin Rises By 33% Following Price Hike
Google searches for bitcoin rose 33% after the price of the cryptocurrency surpassed the $10,000 mark earlier this month. Related search queries reveal users are looking to double their BTC using less than reputable schemes.
The cryptocurrency’s rise initiated the need for it grow on search engines, as Google Trends data showed searches for cryptocurrency rose along with its price. Some of the related search queries were related to schemes promising to double users’ BTC, with one query being for “bitcoin price x2 double your btc.”
Google search interest is often viewed as a lagging indicator for the price of bitcoin. Per a study conducted in 2017 by search engine marketing firm SEMrush, BTC’s price had a 91% correlation with the volume of Google searches associated with it.
Bitcoin is now trading at $10,300 and some analysts believe its price has been rising over concerns surrounding the coronavirus outbreak’s impact on businesses. However, others say it is the upcoming block reward halving and fear of missing out.
Bitcoin has been an attraction point lately following the increase in the adoption of cryptocurrencies around the globe and the continuous surge in the price of the digital asset.