Whenever Bitcoin Prices Go Up or Down, Google Searches Soar

Last month, the value of Bitcoin nosedived to around the $6,500 mark after having stayed above the $8,000 threshold for a considerable period before that.

Lastly, another interesting point worth highlighting is that the majority of the interest being directed toward Bitcoin seems to be coming in from developing African nations such as Nigeria, South Africa and Ghana as well as smaller European countries like Austria and Switzerland.

Interest in Bitcoin once again surged between July 14 and 20, a period during which BTC lost over 10% of its value.

The exact same trend was then witnessed three times more, once during the third week of September, when the price of Bitcoin slid from just over $10,000 to around $8,000.

"On the 24th and 25th of September Bitcoin dipped from 10080 to 8126. On those exact dates we are seeing a spike in volume on Google trends. The same counts for 25th and 26th of October, huge volatility increases search volume."

Lastly, it is projected that in the next few months, Bitcoin will continue to garner more and more mainstream traction, as the currency's upcoming halving is set to take place sometime after the second week of May 2020.

Developing countries are onto Bitcoin As mentioned previously, Google Trends data suggests that a lot of interest related to Bitcoin appears to be coming from developing nations such as Nigeria, Ghana, South Africa, Venezuela, Slovenia and Brazil.

Will Bitcoin's upcoming halving have an impact?Historically speaking, every time a Bitcoin halving has taken place in the past, the event has been followed by the start of a parabolic growth phase for the asset.

This is because the crypto market has witnessed a steady growth in the adoption of Bitcoin over the last couple of years.

Bitcoin's native block reward quotient dropped from 25 BTC to 12.5 BTC.Providing his insights on the matter, Ermakov believes that the halving event, combined with the 2020 U.S. presidential election, will quite likely result in the value of BTC surging in the coming future.