Bitcoin is now more popular than many sectors of the global financial industry. That’s according to Google Trends, which reports that the phrase has gained more searches over the past year than other queries, such as “Paypal” and “Bank of America.”
This graph shows the global comparison of “Bitcoin” against the following phrases — “Paypal,” “Real Estate,” “Stock Exchange,” and “Bank of America”:
Interestingly, West-African country Nigeria leads the world in searches for “Bitcoin,” closely followed by China and Slovenia. Proponents have often touted the digital currency as the perfect financial technology for infrastructure-starved regions — such as financially struggling countries in Africa.
Cryptocurrency, supporters say, can give Africans access to the global economy without having to work with financial intermediaries, which are expensive and often don’t even exist in their countries.
Bitcoin Takes Over Finance
This search milestone comes on the heels of acknowledgement from several mainstream financial firms and individuals.
Most recently, CME — the world’s largest options and futures exchange — has announced that it will start trading bitcoin-based futures as soon as December of this year. The Chicago Board Options Exchange, another major financial entity, has also announced that it will soon list a bitcoin-based investment vehicle, pending guidance from federal authorities.
Then, there is JPMorgan CEO Jamie Dimon, who has come out on the bearish side of the digital currency’s mainstream observers.
In several angry tirades, the Wall Street executive called the digital currency a fraud, among other things. While trying to convince the public to avoid the cryptocurrency, Dimon even called his daughter “stupid” when she told him that she personally owned some of the currency.
Despite his rants, Dimon’s own company has shown a serious interest in trading bitcoin-based futures.
Bitcoin Price Pump Driving Global Interest?
This news comes amid the largest and longest-running bull rally Bitcoin has ever seen. In just a few short weeks, its price has climbed thousands of dollars — sometimes rising by $1,000 in one day. Currently, the price is closing in on $10,000 — a level no one ever imagined bitcoin reaching before now.
According to the official Bitsonline technical analysis, the ongoing rally to $10,000 serves as a precursor to further growth in 2018. Based on our technical indicators, the price should reach $12,000 by the end of January, given the persistence of current market conditions.
Do you think our favorite cryptocurrency will continue leading global search trends? Share your thoughts in the comments below.
Image via Pixabay