- Google searches for “buy bitcoin” in the United Kingdom increased by over 800% in the past week.
- Bitcoin rallied above $35,000 on October 24 for the first time since May 2022.
- The surge in “buy bitcoin” searches, alongside bitcoin’s resurgence, highlights the interest.
With bitcoin surging to its highest price in months, online searches relating to purchasing the cryptocurrency have spiked worldwide. This signals strengthening public interest in digital assets amid optimism about greater mainstream adoption.
According to research by Cryptogambling.tv, Google searches for “buy bitcoin” in the United Kingdom skyrocketed over 800% during the past week. The remarkable increase coincided with bitcoin rallying above $35,000 on October 24 for the first time since May 2022.
“The surge in ‘buy bitcoin’ searches, paired with bitcoin’s resurgence, highlights the growing interest and potential impact of traditional financial institutions getting involved in digital assets,” noted a spokesperson for the research firm.
Bitcoin searches were also up in other regions
Searches were also up significantly across other regions. In the United States, “Should I buy bitcoin now?” queries rose 250%, while more specific searches like “Can I buy bitcoin on Fidelity?” exploded over 3,100% during the same period.
Globally, “Is it a good time to buy bitcoin?” gained 110% over the past seven days. Searches for “BlackRock bitcoin ETF” similarly grew 250%, reflecting enthusiasm around the asset manager’s proposed bitcoin exchange-traded fund awaiting regulatory approval.
Analysts believe surging interest is tied to anticipation of the first spot bitcoin ETF being approved in the U.S. Senior ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval occurring before January 10, 2023. A bitcoin ETF would enable mainstream investors and institutions to gain easier access to the cryptocurrency.
While past crypto rallies have been driven by retail traders, the latest upside momentum suggests growing acceptance by the financial establishment. With some of the world’s largest banks and asset managers looking to enter the still-nascent digital asset space, public awareness and adoption appear poised to accelerate.