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“Buy bitcoin” searches rise as crypto sees resurgence

  • November 19, 2023
  • 3 min read
“Buy bitcoin” searches rise as crypto sees resurgence

Google searches for “buy bitcoin” have risen around the world with the UK alone seeing an increase of over 800% over just a single week. “The remarkable surge in ‘buy Bitcoin’ searches in the UK, combined with the cryptocurrency’s resurgence, underscores the growing interest and potential impact of traditional financial institutions’ involvement in the world of digital assets,” said a spokesperson from Cryptogambling.tv.

UK users led the pack but there was a noticeable increase worldwide in searches related to purchasing bitcoin. Data from Google Trends found that searches in America for “should I buy bitcoin now” have risen by over 250% in the same period with more niche searches such as “can I buy bitcoin on fidelity” rising by over 3,100% over the same period. Worldwide, the phrase “is it a good time to buy bitcoin” saw a rise of around 110%

The sudden rise comes as bitcoin’s price saw a drastic increase in October. Its value had briefly risen to around $35,000 on the 24th October, the first time since May 2022. At the time of writing, bitcoin has gained more than 27% according to data from TradingView.  

Despite this, the cryptocurrency’s price has proven to be volatile over the past few years. Its current value is still below a record high of almost $69,000 in November 2021. There are concerns raised over the environmental impact as well as the potential losses suffered by investors. Earlier this year, the cross-party Treasury Committee of MPs called on the government to treat crypto trading and speculation as a form of gambling. This came amid concerns over a lack of regulation in the sector.

Activity on the bitcoin blockchain still appears to have a pessimistic outlook according to analysts from ByteTree. Transaction numbers had halved in a month and the bitcoin network’s economic throughput appeared to be trending downwards, ByteTree’s Shehriyar Ali and Seran Dalvi pointed out. “This means that the price is driven solely by the anticipation of positive news, which is not necessarily healthy for the short term,” they said.

“The value of crypto,” writes Adam Levy on The Motley Fool, “is determined by supply and demand, just like anything else that people want.”

“Generally speaking,” he added, “investors like stable governance. Even if there are flaws in the way a cryptocurrency operates, investors prefer the devil they know to the devil they don’t. As such, stable governance where things are relatively hard to change can be of value by providing more stable pricing.”

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