Bitcoin (BTC) Google Searches Outperform Taylor Swift’s Searches
According to Galaxy Digital’s latest market analysis report, the term “Bitcoin” was searched more on Google than the words “Taylor Swift” and “Beyonce”.
BTC Popularity and Key Catalysts
Additionally, Mike Novogratz noted that Google searches for Bitcoin reached their highest level in the last twelve months in March. This is not surprising given that Bitcoin is on a positive growth trajectory towards the end of the first quarter of 2024.
March was the month when BTC reached its all-time high (ATH) above $73,000.
Collectively, the Bitcoin price gained as much as 13.94% in March; This move also had a ripple effect on other cryptocurrencies such as Ethereum, which reached a 4.82% increase in the same month.
Following the United States Securities and Exchange Commission (SEC) Green light spot Bitcoin ETF In January, the new product attracted great attention, which positively affected the price and popularity of Bitcoin. Important investment asset management firms such as Grayscale Investments, BlackRock and Fidelity Investments recorded massive flows, leading to more than $100 billion in trading volume for the nascent niche within a few weeks.
This craze has contributed to the rise in popularity of the underlying cryptocurrency. It has equally played a role in the coin’s increasing mainstream adoption in various jurisdictions. Many companies are expected to apply to list spot BTC ETFs in the coming days.
Different Countries That Support Bitcoin
Additionally, Bitcoin gained popularity as a result of a decision taken by the Japanese Government. Definitely, State Pension Investment Fund Japan’s (GDIF), ranked as the world’s largest pension fund by Asset Under Management (AUM), announced that it plans to diversify its investment portfolio through Bitcoin allocation. The bloc seeks to reduce potential risks associated with market volatility and economic uncertainties.
The support of El Salvador President Nayib Bukele could also play an important role in Bitcoin’s rise to prominence worldwide. El Salvador’s president reiterated his country’s stance on holding Bitcoin, stating that he has no plans to sell Bitcoin anytime soon. Bukele also confirmed that El Salvador’s BTC stake is currently worth around $400 million, a significant gain since accepting Bitcoin as legal tender.
While El Salvador’s Bitcoin holdings are enviable, this is far from the case. Current status of MicroStrategy. The company, led by Michael Saylor, holds 214,000 BTC and is worth more than $15 billion. Milestones from MicroStrategy and other reputable companies and the excitement promoting these holdings have helped Bitcoin become the most sought-after topic.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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