It has recently been observed that the search term “buy Bitcoin” has received an increasing degree of attention of late on the Google search engine. Even as the Bitcoin bear market continues with the top cryptocurrency refusing to break through the $4200 price point, crypto enthusiasts and netizens have shown an increased interest in purchasing the crypto coin.
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In fact, as a comparison between the Bitcoin price movement and Google search data over the last 12 months shows, people’s interest in buying Bitcoins seems to surge each and every time a price crash is observed in the market. The pattern has been quite persistent so far and it seems to make perfect logical sense.
After all, people are more likely to want to buy a particular cryptocurrency or investable asset when its price is at its lowest. This, combined with the sustained hope that Bitcoin will finally see another solid bull run this year, is probably inspiring crypto enthusiasts and newbies alike to dip their toes into Bitcoin once again.
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However, it must be noted that Google trends data concerning search terms are usually not very detailed in nature, which means that we do not have specific insight into exactly how many people have been searching for the said keyword. Even if we do not have access to precise numbers, we can be certain that the numbers of people showing interest in buying Bitcoins is undergoing a spike.
Even though not everyone who searches about buying Bitcoin eventually ends up doing so, an increased interest can indeed end up to become a higher demand for Bitcoin, which can potentially hike up its price and rescue it from the slump it has fallen into for the past year or so.