According to Google Trends data, the interest in Bitcoin is growing while its price is still declining. People from developing countries are especially interested in crypto.
It seems like everyone wants to know a bit more about Bitcoin after prices of the cryptocurrency token have dropped significantly to new six-month lows. According to Google Trends, the recent spike in Bitcoin searches seems to have been originating from African countries with Nigeria, Ghana, and South Africa taking the lead while Austria and Switzerland are the other two countries that make up the top five sources of Bitcoin searches.
The search terms have gone beyond just Bitcoin prices as other issues of significance within the crypto space such as the upcoming Bitcoin halving event are also being searched for by Google’s users. A cursory study of Google Trends data indicates that the last time this occurred was earlier this year when Bitcoin prices hovered around $10,000.
The trends also indicated that this curious emergence has also been restricted to Bitcoins leaving the altcoins in the sandbox and out of the game for now. This also shows that Bitcoin dominance is one major factor that is contributing to this and it is expected to diminish as the altcoins also gain space and attention from the mainstream public as well.
Further observation suggests that there is a direct correlation between Bitcoin price volatility and increased interest in the cryptocurrency token by the mainstream public. This, of course, goes to show that people are beginning to want to know more about the crypto space and with a dramatic increase in Bitcoin prices, the trend is expected to continue.
While the search terms haven’t increased exponentially, this correlation indicates that as Bitcoin continues to gain attention from so many people worldwide, prices will continue to gain volatility even after the halving event in 2020.
Cryptocurrencies Gain Attention from Developing Countries
The recent data from Google Trends also indicate that in the future, distributed ledger technologies will take center stage among developing countries as DLT will solve many of the problems that these nations face without the cost implication of deployment of such that centralized systems currently undergo.
This also goes to show that even with low information technology density (the number of people who know and use information technology per square kilometer), once the right kind of approach towards adoption of DLTs is taken, the crypto space will grow at a much faster pace than it is currently growing.
Developing countries have significant advantages to gain from the adoption and implementation of distributed ledger technologies. Centralized systems already have failed to function as advertised as most of the information technology systems that exist within such climes don’t last long.
Distributed ledger technologies, on the other hand, might just do the trick in environments that are still as rudimentary as ever. Though, it remains yet to be seen if the Google Trends data will transform into physical realities on the ground.
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