Google searches can reveal a lot about the perception of the masses when it comes to bitcoin. This post examines two popular Google search terms in recent months and years, and seeks to explain why these terms continue to pop up, what knowledge can be gleaned by looking into them, and the effects of “Google hype” on mainstream perception when it comes to bitcoin.
Google Trends in the Bitcoin World
An examination of trends in Google searches shows some terms recurring over time, experiencing repeated spikes in popularity, though many in the crypto space may not know why. Sometimes, this is for good reason. A lot of these breakout search terms are simply scam sites that are not on the radar of crypto veterans, but are fervently sought by newbies looking to get rich quick.
Sometimes, though, the popular terms lead to products or sites that are legit. This post will examine one of each type.
The first popular search to be investigated is “Bitcoin Revolution.” While it sounds cool enough, the so-called revolution most are apparently searching for is just another cookie-cutter scam, following a popular template news.Bitcoin.com has covered repeatedly in the past.
The Bitcoin Revolution scam can be deceiving for those new to the crypto space, especially when top Google search results include many supposed “scam or not” reviews, falsely claiming the site is legit. Nothing could be further from the truth here, so tread cautiously. News.Bitcoin.com has previously posted tips for identifying bitcoin scam sites to help users steer clear of being conned.
As for the reason “Bitcoin Revolution” is so hot right now in terms of Google searches in the U.S. (especially for the state of Florida), it seems likely the multi-website-leveraging scam — and masses of folks wanting to get rich quick — is to blame.
The scam appears to have started in 2017, and persists to the current day in multiple forms. It is hard to say exactly why searches spiked — especially in South Africa and Malta — in late spring and summer 2018, but turbulent bitcoin prices could be to blame, with repeated $2,000 jumps and falls on the way down from December 2017’s all-time high. Also, the scam was reported by Maltese authorities early on as making false claims about a celebrity who had supposedly invested in bitcoin.
In 2013 and 2014 there was also media buzz about the revolutionary aspects of Bitcoin such as this March 2014 piece from Reuters, entitled “Bitcoin’s promise: a financial revolution the web’s been waiting for.” This historical uptick in media coverage and Google searches corresponded with a meteoric rise in price for BTC which took the coin from around $130 to over $1,000 in fall 2013. Late 2017’s all-time high also saw increased searches for “bitcoin revolution,” and the release of the documentary “Magic Money: The Bitcoin Revolution” occurred the same year.
“Bitcoin Group,” in contrast to the revolution scam, turns up something different. The search term, which experienced a small spike in popularity again in January, seems to tie back to a crypto and blockchain investment firm based in Herford, Germany, called Bitcoin Group SE.
While not as hot a query as “Bitcoin Revolution” currently, Bitcoin Group shows up repeatedly over time as a search term probably due to its prevalence and significance in the crypto space in Europe. Also, when the search “bitcoin group” peaked last June, CME Group’s bitcoin futures were spiking in popularity and setting new records for large open interest holders, which likely influenced searches. Trends for “bitcoin futures” also seem to correspond roughly to peaks in the “bitcoin group” search displayed below.
As for Bitcoin Group SE, they released favorable news themselves in June. They hold 100% of Bitcoin Deutschland AG’s shares, the company that operates Bitcoin.de, which is Germany’s largest bitcoin exchange and boasts being the “Largest Bitcoin marketplace in Europe with over 850,000 customers.” With crypto becoming increasingly regulated in Europe’s biggest economy, the fact that Bitcoin Group would pop up again and again in Google searches isn’t surprising. The group has also been on the scene a long while now, being founded in 2008.
News.Bitcoin.com has been doing its part to cover Bitcoin Group SE over the years. Happily the holding company is one seeming reason for a repeating trend in Google searches that does not lead back to a cookie-cutter scam. While it is often impossible to say exactly what causes each spike in Google searches, in the current climate of economic uncertainty, popular trends into the year will likely reveal much about the world’s perceptions of crypto. Currently, it seems we are still just scratching the surface of the true bitcoin revolution, which is economic freedom for anyone via permissionless, peer-to-peer electronic cash.
What are some other popular Google search terms related to bitcoin that lead to interesting conclusions? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, Twin Design, fair use.
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Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.