Select Page
Which Countries Interested in Bitcoin The Most? The answer Will Surprise you

Which Countries Interested in Bitcoin The Most? The answer Will Surprise you

When we think about bitcoin and which countries interested in bitcoin the most, most of the people think about native English countries and China (admit it)
After following google trends, Similarweb and few more websites for over a year I can tell you that this post gonna change your mind.

Before we start, you will need to understand how Google Trends data is adjusted? according to their official website:

How Trends data is adjusted

Trends adjusts search data to make comparisons between terms easier.

Search results are proportionate to the time and location of a query:

  • Each data point is divided by the total searches of the geography and time range it represents, to compare relative popularity. Otherwise, places with the most search volume would always be ranked highest.
  • The resulting numbers are then scaled on a range of 0 to 100 based on a topic’s proportion to all searches on all topics.
  • Different regions that show the same number of searches for a term will not always have the same total search volumes.

The picture below will show you how which countries searched the most for the term ‘ buy bitcoin’ in the last 12 months:

Nigeria – 100          
Ghana – 91
Australia – 49
Singapore – 43
South Africa – 43

Let’s Get Deeper Into the Data:

So we have 3 countries from Africa: Nigeria, Ghana, and South Africa.
1 country from Asia: Singapore. And Australia.

I want to mention again this rule by Google Trends: 

Each data point is divided by the total searches of the geography and time range it represents, to compare relative popularity. Otherwise, places with the most search volume would always be ranked highest.

It makes sense because, without these rule countries like USA, India, China and more will always be number 1 on google trends list.

” In Nigeria, local traders and activists believe this new money presents an opportunity to democratize the economy. This is propelled by the fact that people in Nigeria have been failed by conventional money.”(source see also “Kenyan President Nominates BitPesa Board Member for Cabinet” )

with a population of more than 192 million people that sees bitcoin as a better alternative for their own economy, it makes sense the Nigeria and other countries with a poor economy will choose bitcoin as the first alternative solution.

Let’s have a look at the most popular cryptocurrencies exchanges:

 

Poloniex is leading with 23.5 million visits (which today while writing this posts the number increased to 30.6 million).

Vietnam, South Korea, Nigeria, Ukraine, and Pakistan are the top countries on google trends for the term ‘ poloniex.com’.

 

Conclusion:

The beautiful thing about bitcoin and the cryptocurrency market is that finally after thousands of years money have no borders, and it doesn’t controlled by any country.
I’m sure that we will see virtual currencies much more popular in Asia, Africa, and east European countries in the near future.

If you found this post useful, check out our free trading tool.

Can Google Trends Predict Cryptocurrencies Movements?

Can Google Trends Predict Cryptocurrencies Movements?

Can google trends predict cryptocurrencies movements?

 

When I started to follow the cryptocurrency market I was wondering: Can Google Trends Predict Cryptocurrencies Movements? The answer was yes. I will tell you how I got to this insight.

I come from the marketing world. In the last few years, I’ve been using tools to measure how many people looking for a specific key term on the internet. it helped me to understand the potential of a specific niche. for example, if I wanted to open an online store that will sell organic tomatoes I will check first on sites like google trends, google keyword planner, and ubersuggest.

I will check the competition in this niche, and how many people searching for it. why? because then I will be able to understand the supply and demand. Understanding the supply and demand it’s the fundamentals of deciding if the niche is profitable and how difficult will be to earn money in it.

for example, a few months ago the price of bitcoin climbed above 2000$, because so many people heard about Bitcoin this week I found that the search terms “Coins similar to bitcoin”, “Alternative to Bitcoin” and search terms that close to it raised by thousand percentages!!

Bitcoin Price Chart by CoinDesk

That’s because people googled “Bitcoin Price” and saw that it’s 2000$+.

Most of the people probably not familiar with trading virtual currencies and they don’t know that’s possible to buy 0.001 bitcoin, so they think that bitcoin is far too expensive for them and they are looking for an alternative.

Can Google Trends Predict Cryptocurrencies Movements? Google Trends Hints

Above: google trends graph, shows the popularity of the search term ‘ethereum price’.

 

 

Ethereum/USD Chart by Tradingview

 

What happened?

Etherum was the second largest cryptocurrency and when people google it, Etherum when up from 131$ to 367$+ in less than a month!

 

 

Why I’m Sharing This?

We established CrypTrends in order to provide new & experienced traders insights about the cryptocurrency market. We believe it’s possible to use fundamental analysis in order to predict the movement of cryptocurrencies.
We are working hard to build a super useful free tool for you guys! The tool will gather data from all over the internet and summarize it so you will get a beautiful yet simple trading insights that a 4-year-old can understand.