Bitcoin Google Search Is Now Twice as Much as COVID-19
- According to Google (NASDAQ:) Trends, people are more interested in amid the COVID-19 pandemic.
- Several companies began to buy Bitcoin in the wake of the COVID-19 pandemic.
Amid people witnessing the first-anniversary of COVID-19 and the mandatory wearing of face masks, Google Trends reported that more people are interested in Bitcoin than in the virus.
Source: Google Trends
In early 2020, when the world heard about COVID-19, it was time to close doors. The market crash and around 17 million filed for unemployment. As a result, the unemployment rate went over 15%, a number deemed not good in the country’s economic sector.
However, in November 2020, Bitcoin surged 40%, marking its biggest monthly gain since May of 2019. Interestingly, no traditional assets could chart a 40% rally in a single month like what Bitcoin did.
Moreover, several publicly listed companies like MicroStrategy, Square, Cypherpunk Holdings began to buy Bitcoin in the wake of the pandemic. Also, PayPal started offering cryptocurrency services for its customers. Notably, many retail investors that are looking at where to put their money begin investing in digital assets.
At the time of writing, the worldwide number of coronavirus deaths was 2.63 million. Consequently, the United States continues to be the most affected, with 546,605 deaths associated with COVID-19 and 29.3 million cases recorded.
In line with this, America’s economic policies contributed to the bullishness of Bitcoin. The newly signed $19 trillion COVID-19 stimulus package made it clear that the government was pumping money into the economy. The fear of losing fiat money’s value due to the pandemic’s market crash made investors put their funds to Bitcoin instead of fiat. After Tesla (NASDAQ:) purchased $1.5 billion worth of Bitcoin, 10% of the automaker’s cash reserve, Bitcoin surged to new all-time highs. Elon Musk’s Twitter support for cryptocurrencies might have relatively boosted the search.
This article first published on coinquora.com
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.