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„How to buy Bitcoin“ on Google, BTC price close to $14,000

Category: Bitcoin

Google Trends suggests that new money is looking to enter the Bitcoin market.

Rising prices caused by bullish developments in the industry can fuel Google searches.

Recent stock market volatility may force more institutions to consider opening up to BTC.

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Bitcoin’s share price has had an impressive month due to various upward trends. During the month of October, the price of the main crypto currency rose by more than 25%.

Data from Google Trends suggests that the rise in prices is once again attracting the attention of retail investors, apparently from outside the industry. Meanwhile, others say that the return of volatility has also attracted the interest of institutions in the market.
Bitcoin’s Price Rise Intensifies

Having started the month of October at less than $10,900 and now trading at over $13,750, sentiment in the bitcoin market is definitely bullish at this time. This month alone, the price of BTC has risen by more than 26%.

Such price increases have not gone unnoticed. Google Trends, one of the simplest measures of public interest in the sector, suggests that new capital may be entering the market.

Still far from the all-time record levels of interest seen at the bull market peak of 2017, October saw an increase in the number of people searching Google for the phrase „how to buy Bitcoin“. Previous spikes in the metric also coincided with BTC prices.

The search for „how to buy Bitcoin“ increased in May, August and December 2017, as well as in early July 2019 and during the recovery from the March 2020 price drop. Each example saw the price of Bitcoin rise rapidly in a short period of time.

The renewed interest is likely related to a series of bullish developments around Bitcoin. Significant investments at the enterprise level, an optimistic report from JPMorgan and PayPal’s interest in cryptography are all likely contributors.

Cryptocurrency Adoption

Institutions and retail this time?

Google Trends data probably represents the growing interest of retailers in Bitcoin. While the average investor probably turns to the popular search engine for information about buying BTC, it seems doubtful that institutional buyers, who have tens or hundreds of millions at their disposal, approach the market in this way.

However, market analyst Travis Kling believes that the volatility of the stock markets will also have sparked institutional interest. He points to the growth of the CBOE’s volatility index, or VIX, which coincides with the growth of bitcoin prices.

#Bitcoin is up 25% in October with VIX up 50% and if you think institutional investors are not paying attention to that, you’ve lost your mind.

The VIX is commonly regarded as the fear gauge of the stock market. It measures the volatility of the stock market. Recent spikes in coronavirus cases, coupled with the impending presidential election, seem to be creating uncertainty among investors.

With the traditional dumping of markets on Wednesday, Kling suggests that institutions may be looking for a safer place to protect wealth. Positive assessments from JPMorgan and dissident investment games from MicroStrategy and others may well force the world’s largest fund managers to consider Bitcoin.

Due to the limited options available to institutional buyers, much of the increase in Bitcoin’s price in 2017 was driven by individual investors. However, the sector has matured significantly since then. The efforts of large companies such as Fidelity not only legitimize the BTC to a more affluent class of investors, but provide the means to actually take positions.

As BeInCrypto has already pointed out, this year has already seen signs of increased institutional interest in Bitcoin. A September OKEx report suggested that large order buying activity had increased, particularly around the March crash and during the subsequent consolidation to around $10,000.

With the growing interest on Google and increasing signs of institutional interest, any ongoing rally could this time include both institutional and retail participants.

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