Recent data from Google reveals a significant surge in global searches for “buy Bitcoin” as the cryptocurrency market experiences a substantial rally. The United Kingdom witnessed an astonishing 826% increase in searches for the term “buy Bitcoin” over one week, according to research by Cryptogambling.tv.
The United Kingdom witnessed an 826% increase in ‘buy Bitcoin’ searches
This substantial uptick in “buy Bitcoin” searches within the United Kingdom, coupled with the resurgence of the cryptocurrency, highlights the growing interest and potential impact of traditional financial institutions entering the digital asset realm. The interest in cryptocurrency investment is not limited to the United Kingdom, as similar trends were observed in global searches. In the United States, there was a notable increase in searches related to Bitcoin purchases. Queries like “Should I buy Bitcoin now?” saw a more than 250% surge in searches, indicating a growing curiosity among potential investors.
Furthermore, niche queries such as “Can I buy Bitcoin on Fidelity?” witnessed an impressive increase of over 3,100% in just one week. Expanding the scope globally, the search term “Is it a good time to buy Bitcoin?” experienced a substantial 110% rise in searches over the last week. This signifies a widespread interest in Bitcoin investment and the digital currency market. Additionally, searches for “BlackRock Bitcoin ETF” spiked by 250%, reflecting broader enthusiasm for information related to BlackRock’s proposed spot Bitcoin exchange-traded fund (ETF), which is currently awaiting regulatory approval.
Analysts credit anticipation of spot Bitcoin ETFs for the rise
The sudden surge in interest aligns with a significant increase in Bitcoin’s price over the past two weeks. On October 24, Bitcoin briefly surpassed a value of $35,000, marking a milestone it hadn’t reached since May 2022. This remarkable price rally appears to be closely tied to the anticipation of a spot Bitcoin ETF gaining regulatory approval. Many experts believe that such approval will stimulate a fresh wave of institutional investment.
Eric Balchunas and James Seyffart, senior ETF analysts, have estimated the probability of a spot Bitcoin ETF receiving approval at a substantial 90% by January 10, 2024. This positive outlook on ETF approval has generated significant market optimism and may drive further institutional investment in Bitcoin. As of the time of this report, Bitcoin’s price has surged by over 27% in the past two weeks, according to price data sourced from TradingView. This remarkable price performance indicates a renewed interest in Bitcoin, both among retail and institutional investors.
