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Google is a powerful research tool because it’s the number one search engine in the world, being the number one search engine means that the big G has some powerful data. Some of this data can be accessed by anyone with an internet connection on Google trends. If you look at the right keywords using different time frames you can gauge the interest in a specific topic which can help you make trading or business decisions, for example, Bitcoin trades over a 90 day period based on people’s searches.
How google trends works
It shows you what topics or search terms are trending by region for a specific time frame. According to google “Values are calculated on a scale from 0 to 100, where 100 is the location with the most popularity as a fraction of total searches in that location, a value of 50 indicates a location which is half as popular. A value of 0 indicates a location where there was not enough data for this term.”
In this post, we will use Google trends to find out which countries have shown the most interest in Bitcoin over the last 12 months.
Top 10 countries with the most interest in Bitcoin
Nigeria
South Africa
Ghana
Netherlands
Austria
St. Helena
Singapore
Slovenia
Australia
Switzerland
Things get a little interesting when you change up the term to Bitcoin price, someone using this keyword has a different search intent for example they may be a trader ready to buy or sell when the price is right. Whereas someone just searching for Bitcoin may be someone who is still trying to find out what Bitcoin is.
Top 10 countries searching for Bitcoin price
South Africa
Australia
Singapore
Canada
United States
Ireland
Estonia
United Arab Emirates
New Zealand
United Kingdom
To make things even more interesting let us take a look at which countries show the most interest in wanting to buy Bitcoin by looking at the trend for the keyword “buy Bitcoin”.
Top 10 countries where people are interested in buying Bitcoin
Nigeria
Ghana
St. Helena
Cameroon
South Africa
Cyprus
Ireland
Australia
United Kingdom
Canada
Top 10 countries where people are interested in selling Bitcoin
Nigeria
Ghana
Malta
St. Helena
United Arab Emirates
South Africa
China
Canada
Australia
Singapore
Using all these variations of keywords showing different terms used by people with different user intentions, you will start to see a trend in the countries that are really interested in the use of Bitcoin whether for trading purposes or remittance purposes.
You can take this further and look at BTC trading pairs to gauge interest in that pair in order to make trading decisions such as BTC to USD and others.
The interest in Bitcoin can be further investigated by looking at search volumes (to see just how many people are searching for those terms per month) in each region using tools like ubersuggest and then using Bitcoin trading volumes which can be found on coin dance to confirm that the countries showing interest in Bitcoin are in fact the countries trading in Bitcoin. Tom Alford analyzed local bitcoins data to find out which countries traded the most Bitcoin, he shares some interesting insights here.