In addition to the spot price, requests to Google for Bitcoin reached their highest level.
Starting this week, Google Trends, a metric that measures general interest in trending topics, returned a value of 100 for the US search query for the keyword “Bitcoin”. This is more than three times higher than the value of 30 observed in late September through early October 2020 over a 12-month period.
Bitcoin trend on Google shoots to its maximum on a 12-month period. Source: Google Trends
In the meantime, the global trend for the same keyword was 94, still three times higher than the value of 33 in early October 2020.
Internet search volume soared after Bitcoin hit an all-time high of $ 19,915 on Monday (data from Coinbase). The record came as part of a rally that saw Bitcoin price rise more than 400 percent from $ 3,858 in mid-March.
This was also the second time Bitcoin has come very close to testing the $ 20,000 since the December 2017 high. Back then, the global Google Trend Score for “Bitcoin” over a five-year period was 100. This time, however, the trend reached a maximum of 24 – still the best level since June 2019.
Bitcoin trend on Google hits its highest level since June 2019 on a 5-year timeframe. Source: Google Trends
Looking at the difference as a bullish sign, crypto market analyst Jebb McAfee noted that an underlined Google trend associated with a record high Bitcoin price showed that the cryptocurrency had more room for higher growth. The data could confirm that institutional investors are driving Bitcoin prices higher.
Bitcoin adoption boom
Several companies, including MicroStrategy, Cypherphunk Holdings, Square, and others, have replaced much of their cash reserves with Bitcoin. Their decision was made in the wake of the infinite bond purchases and ultra-low interest rate policy of the Federal Reserve, which dwarfed short-term national debt and the US dollar itself.
Bitcoin price is looking to close above $20,000. Source: BTCUSD on TradingView.com
Given their fears of long-term inflation, Bitcoin looked like an attractive asset due to its limited supply.
“In a world where you have a stock market cap of $ 90 trillion and God knows how many trillion fiat currencies, etc … this is the wrong market cap versus gold, which is $ 8 or 9 trillion, for example. Dollars, “he said billionaire investor Paul Tudor Jones.
“I assume it’s wrong [Bitcoin] Price for the possibilities it has. And I assume that the way leads north from here, ”he added.