Google searches relating to purchasing Bitcoin have spiked worldwide following a significant rally in the price of BTC.
Google searches for “buy Bitcoin” have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week.
According to research from Cryptogambling.tv, the search term “buy Bitcoin” spiked a staggering 826% in the U.K. over the course of the seven days.
“The remarkable surge in 'buy Bitcoin' searches in the UK, combined with the cryptocurrency's resurgence, underscores the growing interest and potential impact of traditional financial institutions' involvement in the world of digital assets,” said a spokesperson from Cryptogambling.tv.
While users in the U.K. led the pack, there was also a noticeable increase in searches relating to purchasing Bitcoin from web users across the globe.
According to data from Google Trends, searches from users in the United States for “should I buy Bitcoin now?” increased by more than 250% while more niche searches including “can I buy Bitcoin on Fidelity?” increased by over 3,100% in the last week.
Zooming out further, the search term “Is it a good time to buy Bitcoin?” saw a 110% gain worldwide over the last week. In comparison “BlackRock Bitcoin ETF” grew 250%, demonstrating broader enthusiasm for information relating to BlackRock’s spot Bitcoin exchange-traded fund (ETF), which is currently pending approval.
The sudden uptick in interest comes amid a drastic increase in the price of Bitcoin over the past fortnight, with Bitcoin briefly surpassing a value of $35,000 on Oct. 24, the first time since May 2022.
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The excitement appears closely linked to the approval of a spot Bitcoin ETF, which many pundits believe will unleash a fresh wave of buying from institutions.
Senior ETF analysts Eric Balchunas and James Seyffart have pinned the probability of an approval at 90% by Jan. 10 next year.
I've gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
— James Seyffart (@JSeyff) October 13, 2023
TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
At the time of publication, Bitcoin has gained more than 27% in the past two weeks according to price data from TradingView.
Bitcoin has notched a powerful 27.9% gain in the past two weeks. Source: TradingView
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