‘What Bitcoin Did’ – Scanning the Hottest Cryptocurrency Keywords and Google Searches
For years now the term “bitcoin” has managed to capture a tight relationship with specific trends and keywords online. News.Bitcoin.com decided to investigate the specific keywords, questions, comparisons, and prepositions that are often associated with the digital currency when people are searching for answers.
Keywords, Trends, and Searches Surrounding Bitcoin
Bitcoin is an interesting subject to many of us who live and breathe in this industry. Moreover, newcomers sometimes hear about the technology in passing from someone who is quite passionate about the invention. If their interest is piqued, they will research the subject online for more information. But newbs are not the only ones searching the net for digital currency information, as analysts, researchers, and crypto veterans search the net for statistics and comparisons too.
People use the website Google Trends (GT) to find specific data about bitcoin searches and the associated terms that are often typed with the word “bitcoin.” Looking at the term bitcoin on the website shows interest in the cryptocurrency has been dropping, but there was a increased interest on March 15-21, 2020. “Bitcoin’s” GT rating that week hit a high of 77, but since then it dropped 19% to a 62.
The most popular searched keywords tethered to the term “bitcoin” include “bitcoin price,” “bitcoin mining,” “what is bitcoin,” “bitcoin value,” “bitcoins,” “buy bitcoin,” “bitcoin usd,” “bitcoin exchange,” and “bitcoin wallet.” Worldwide statistics show the top five countries with the most bitcoin interest according to GT ratings are Nigeria, Austria, South Africa, Switzerland, and Ghana.
Google’s website gives a pretty nice glimpse into the minds of people searching for bitcoin-related subject material. However, the analytical website answerthepublic.com takes Google Trends data even further by mapping out flowcharts that show a visual representation of 180 bitcoin-related questions, 140 prepositions, 60 comparisons, 519 alphabeticals, and 20 related terms.
The questions section is broken down into 10 associated phrases like “are,” “can,” “how,” and “what” to name a few. For example “are” questions include queries like “are bitcoin emails safe?” and “are bitcoin transactions anonymous?” The 60 comparisons connect bitcoin to all types of things like other cryptocurrencies, gold, USD, and the stock market. The alphabeticals section is a list of bitcoin-related terminology that people regularly search on Google in alphabetical order. The relevant prepositions list has attributives like “bitcoin is a currency,” “bitcoin is dying,” and “bitcoin is fake.” Answerthepublic.com’s bitcoin keyword statistics stem from Google’s autocomplete data and it is filtered into the platform’s listening tool.
Bitcoin’s Price 80% Correlated With the Cryptocurrency’s Internet Searches
Bitcoin keywords and GT data can be very useful to individuals and organizations and it’s possible to leverage this information to help with forecasting. Two of the biggest clues people are searching for online when it comes to the term “bitcoin” are the price and website traffic. Bitcoin and cryptocurrency prices have always been tethered to media, news stories, and rumors.
During the last few years, there have been a few reports showing that bitcoin’s prices are closely associated with GT ratings and other online trends. Olga Andrienko, head of global marketing at Semrush, reported last June that there is an 80.8% correlation ratio between bitcoin prices and internet searches for the term “bitcoin.” This type of correlation means that both GT data and cryptocurrency exchange prices show the two variables move in tandem.
Two months later another report was published in September that showed the price and GT data could be manipulated. On September 5, 2019, the term “bitcoin” spiked considerably on the GT website and researchers assumed the trend started in Romania. Swedish cryptocurrency website owner Bendik Norheim Schei said users with virtual private networks (VPN) were likely stimulating GT search alerts artificially.
This is a common theme used by scammers and a good example of this fact is how most GT “related queries” are related to scams like “bitcoin superstar,” “bitcoin era,” and “bitcoin moon.” These related queries are the top “breakout” keywords on a daily basis and they are likely artificial. “It is reasonable to assume that someone is behind these radical changes,” wrote Kryptografen’s Bendik Norheim Schei in September.
“That the same pattern can be seen all over the world may indicate that VPN services have been used to distribute the search across the world, thus achieving a global trend,” Schei concluded. “Google Trends points out that changes have been relatively large in Romania. Is this the source, or is it just because there have been fewer searches for BTC previously? Whatever the answer is–something very strange has happened to the interest in the keyword ‘BTC’ this past week.”
What do you think about all the keywords and trends associated with bitcoin? Let us know in the comments below.
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