A significant cryptocurrency upswing has resulted in a global spike in Google searches for “buy Bitcoin,” with searches in the UK increasing by more than 800% in the past week. Over the span of seven days, the search term “buy Bitcoin” increased by an astounding 826% in the United Kingdom, according to research from Cryptogambling.tv. Worldwide search terms for buying Bitcoin have also increased.
‘The amazing spike in ‘buy Bitcoin’ searches in the UK, coupled with the cryptocurrency’s revival, highlights the growing interest and possible influence of traditional financial institutions’ involvement in the realm of digital assets,’ a Cryptogambling.tv representative stated. While visitors in the United Kingdom headed the pack, there was also a discernible rise in inquiries from web users worldwide about buying Bitcoin.
Google Trends data shows that over the past week, searches for “should I buy Bitcoin now?” from American users have surged by over 250%, while more specialised queries like “can I buy Bitcoin on Fidelity?” have increased by over 3,100%. Over the past week, the worldwide search query “Is it a good time to buy Bitcoin?” has increased by 110%. By contrast, the ‘BlackRock Bitcoin ETF’ experienced a 250% growth, indicating a wider interest in details on BlackRock’s exchange-traded fund (ETF) for spot Bitcoin, which is presently awaiting approval.
The rapid surge in interest coincides with a sharp rise in the price of Bitcoin over the last two weeks, with the cryptocurrency briefly hitting $35,000 on October 24 for the first time since May 2022. The approval of a spot Bitcoin ETF, which many analysts predict could spark a new wave of institutional buying, looks to be strongly related to the excitement. By January 10 of next year, senior ETF analysts James Seyffart and Eric Balchunas estimate that 90% of the proposals will be approved. As of the time of publication, TradingView’s price data showed that Bitcoin had increased by almost 27% during the previous two weeks.