Last month the price of Bitcoin (BTC) decreased to the point $6500, after a long period of value about $8000. But despite this fact, Google Trends data let suppose that global interest to the first cryptocurrency growths with every active price movement, both upward and downward, bitcoindoubler2x.com has learned.
Another interesting fact is that greater part of Bitcoin search queries comes from developing African countries, such as South Africa, Nigeria and Ghana, and also from small European countries – like Austria and Switzerland.
Correlation between BTC Google Trends data and its price
According to open data, a vast majority of Bitcoin-related Google search interest this year has come during periods when BTC was either surging or rapidly losing its value.
However, there are opinions that such a correlation can be just formed by any individual or legal entity, who desires to make anti-bitcoin mood on the market. For this purpose, they can spread misinformation on the Internet.
In addition, within the next few months Bitcoin is expected to gain larger popularity, as the coin’s upcoming halving is set to take place after the second week of May 2020.
Developing countries are onto Bitcoin
Developing countries of Africa, mentioned above, actively study potential of Bitcoin, blockchain and distributed ledger technology (DLT) with an aim of their economy development. By the way, mutual feature of South Africa, Nigeria and Ghana is the decline of a local national currency in relation to the United States dollar (USD).
Besides, everybody knows that many African states are struggling with inflation problems today, which have actually caused increased cryptocurrency usage. Also, the list of African countries (particularly ex-French colonies) use euro as their second official currency. As a result, now exists the strong euro-based cryptocurrency market, that is more available for common users.
Developing countries may get the number of advantages, if they accept cryptocurrency and DLT technology. This may solve many problems related to corruption, red-tapism and centralization by introducing an unparalleled level of transparency.