Not only has the price of bitcoin (BTC) shown a significant increase in recent times, but also the number of Google searches for the asset. Amidst the new all-time high, the asset received significant media attention, fueled primarily by bitcoin ETFs performing above expectations.
Amid the new all-time high, interest in Bitcoin is up nearly 60%, according to Google. However, according to the Google Trends analysis portal, interest in Bitcoin is not even close to the levels of 2021.
Increasing exchange rate, increasing interest
A term used in economics is Veblen goods. Products for which the demand increases with the increase in price primarily act as a status symbol. High prices make such products attractive, as buyers wish to express their social status. Veblen goods include luxury goods, designer clothes, works of art, and to some extent bitcoin (BTC).
Bitcoin can be said to qualify as a Veblen good to some extent. When the price of a cryptocurrency shows a significant increase, the interest shown in it skyrockets, as its possession is considered prestigious.
The number of bitcoin searches at a local peak
According to the world’s leading search engine, Google, the „Bitcoin” using a search term. While the digital currency has surged nearly 20% since the US presidential election and set a new all-time high above $81,000, community interest in the asset has risen to a peak not seen since April 2024.
The analytics portal Google Trends considers the 100th interest when most people searched for Bitcoin on a given day. This happened in May 2021, when bitcoin (BTC) crossed $60,000 for the first time during the 2021 bull market. During the subsequent correction and then upswing, community interest fell short of the level seen in the spring of 2021, despite the fact that the leading cryptocurrency exceeded the price of $69,000 a few months later.
Currently, community interest is roughly half of the level seen in May 2021. This also gives rise to the assumption that institutional investors and experienced cryptocurrency traders are primarily behind the current upswing, and that the public, so-called “new demand” hasn’t really hit the cryptocurrency market yet.
Market optimism about Trump’s victory
After Donald Trump won the US presidential election last week, there was considerable optimism in the risk assets market. On the one hand, the US dollar outperformed all other currencies, and on the other hand, in addition to bitcoin (BTC), stock market indices and shares also set new highs.
During his campaign, the pro-cryptocurrency politician made several promises to make the United States a cryptocurrency hub. As part of this, Senator Cynthia Lummis of Wyoming submitted a proposal to make bitcoin a reserve asset. Trump immediately accepted this proposal, and then shared his ideas with the public at the Bitcoin Conference in Nashville.
Trump also hinted that he would appoint a new cryptocurrency-friendly chairman to head the US Securities and Exchange Commission (SEC), due to Gary Gensler’s questionable fairness in dealing with digital assets.
Although compared to his first cycle the world has turned upside down With Trump, according to analysts, an exchange rate of even $100,000 during his presidency is unthinkable for the leading cryptocurrency.
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