The term “Bitcoin” was once popular in the Western countries according to Google Trends and over the years it has moved to Eastern Europe and Asia and it’s lately trending in Africa, Binance Research suggests.
Bitcoin Is Now The Top Trend In Nigeria
Binance Research came up with a small video demonstration earlier today that showed heat ranking of the term “Bitcoin” in Google Search according to country. Starting from January 2011, the visualization shows the popularity of the term through the years before it ends in the current month.
Visualized changes in heat ranking of “Bitcoin” #BTC in Google search by each Country/Region from Jan 2011 to today.
Noticeably, relative search trends of "Bitcoin" within each country have shifted from West to East, and most recently, Africa. pic.twitter.com/9Gxx2CGJwr
— Binance Research (@BinanceResearch) September 26, 2019
The demonstration shows that the term was popular in the North European countries during the first year being analyzed. These countries included Ireland, Sweden, Finland, Denmark, Norway, Estonia, and Iceland, among several others. New Zealand and Russia were also among the top countries.
During 2012-2013, Australia, Austria, Canada, Israel, and Hong Kong joined the Northern countries too.
Over the years, the UK, Germany, and the US fluctuated between the top ten countries. Hong Kong and Singapore also consolidated their positions in the top countries starting in 2014.
During 2016, Greece was on the top for some time whereas Venezuela and Philippines also made it to the top ten. Bitcoin’s popularity in those years was linked to Greece’s political crisis and the debt crisis due to which it was about to be removed from the European Union. After 2015 parliamentary elections in Venezuela, the country also started climbing to the top in this trend but their upward run ended with the 2016 political crisis.
It was in 2017 that African countries like South Africa and Nigeria started leading the ranking. In the last couple of years, these two countries have managed to secure the top two spots, and this suggests most of their population knows about the cryptocurrency.
There’s an ongoing humanitarian crisis in North-Eastern Nigeria. Besides, Naira, the country’s national currency, has seen devaluation since 2014. In 2014 the USD/NGN pair was 160 and has since risen to its current value of 306.
Where is the Trend Moving In China?
So, what’s the trend in countries like Japan, South Korea, and China? Prior to the ban on Bitcoin, around 90% of Bitcoin trade was taking place in China, so it should naturally have the most searches around Bitcoin too.