What Google Trends Annual Report Can Tell Us About Cryptocurrencies

What Google Trends Annual Report Can Tell Us About Cryptocurrencies

Google’s “Year in Search” has been released, and cryptocurrencies are in many top five lists.

We all know that Google tracks a huge amount of data. But, we don’t always know what they do with it. One thing that Google does with it is show it to us through Google Trends.

Every year, Google Trends releases “Year in Search”, a collection of the top 5 searches in various categories. The Year in Search can be an interesting way to read “the writing on the wall” by seeing what people around the world are looking at. This year, once again, they’re looking at cryptocurrencies.

What Is Bitcoin? It’s a Common Google Search.

Cryptocurrencies have been in the news a lot over the last year. While the mainstream media usually loves to slam cryptocurrencies — especially the first one, Bitcoin — all of the coverage seems to have got people curious.

One of the categories that Google Trends includes in the Year in Search is “What is…”. And “What is Bitcoin” was the number one search in this category in the United Kingdom, Australia, and the United States.

The top spot is a move up for the search in all of these areas. The same search was number four in the UK last year and number two in the US and Australia.

The pessimist may point out that this huge number of “what is” searches brings to light that many people still don’t know about the most popular cryptocurrency years after its launch. The optimist, however, will point out that millions more people now do know.

“What is Bitcoin” was the number one search in the “What is” category in the UK, Australia, and the US.

There is more for the crypto-optimist to be excited about. After all, “what is” searches don’t necessarily imply that the searchers did anything with the information. However…

What Else Are People Searching?

“How to” is a search that is more likely to be productive than academic. One can (and should) know what cryptocurrencies are even if they aren’t trading. “How to” searches, on the other hand, mean practical knowledge.

“How to Buy Ripple?”

The number four “How to” search in the US, and number eight in the UK this year was “How to buy Ripple”.

The number four “How to” search in the US, and number eight in the UK this year was “How to buy Ripple”. Ripple, in case you haven’t heard, is a blockchain-backed money-transfering platform that uses the cryptocurrency XRP. The company has offices all over the world, and is partially funded by Google.

“How to Buy Bitcoin?”

What about “How to buy Bitcoin?” you may ask. That particular search didn’t make the top five list this year, despite having been the category’s number five spot in Australia and the US, and the number two spot in the UK last year. It did, however, take the sixth place in Australia, and eighth place in the US. It’s fall may suggest that Bitcoin is easier to find and buy these days. This is further suggested by the fact that “how to buy” searches are now concentrating around newer and less familiar cryptocurrencies.

“Bitcoin Price”

“Bitcoin price” was also the ninth top-searched phrase in Australia. Someone who is passively watching the life of crypto needs only to know whether it is up or down compared to the previous day, week, or month. Looking for an exact price further suggests that people are interested in buying.

“Bitcoin price” was in the top 10 most-searched phrases in Australia.

One additional piece of information to support this is the fact that platforms that sell crypto made up the top five most searched terms overall in Australia this year. The fact that fewer people are searching how to buy cryptocurrencies and more people are searching for platforms on which to buy them, suggests that those who are buying are buying smarter rather than buying less.

The lists this year seem to suggest that people are still learning the basics about some of the most popular cryptocurrencies; but that purchasing them is becoming more accessible to newcomers.

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