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According to Galaxy Digital’s recent market insight report, the term “Bitcoin” has been searched on Google more than “Taylor Swift” and “Beyonce”.
BTC Popularity and Key Catalysts
Furthermore, Mike Novogratz stated that Bitcoin’s Google search reached the highest level that it has seen in the last twelve months in March. This is not surprising considering that Bitcoin bagged a positive growth trajectory towards the end of Q1, 2024.
March was the month when BTC hit a new all-time high (ATH) above $73,000.
Collectively, Bitcoin price registered a jump of up to 13.94% in March, a move that had a ripple effect on other cryptocurrencies like Ethereum which equally hit a 4.82% increase in the same month.
After the United States Securities and Exchange Commission (SEC) greenlighted spot Bitcoin ETF in January, the new product gained a lot of attention which also impacted positively on Bitcoin price and popularity. Key investment asset management firms like Grayscale Investments, BlackRock, and Fidelity Investments registered huge flows that resulted to more than $100 billion in trading volume for the nascent niche within weeks.
This frenzy contributed to the increased popularity of the underlying cryptocurrency. It has equally played a role in the heightened mainstream adoption of the coin in several jurisdictions. In the coming days, it is expected that many other firms will file to list their spot BTC ETFs.
Different Countries Endorsing Bitcoin
In addition, Bitcoin gained popularity as a result of a decision made by the Japanese Government. Precisely, the Government Pension Investment Fund (GDIF) of Japan, ranked as the world’s largest pension fund by Asset Under Management (AUM) announced plans to diversify its investment portfolio through Bitcoin allocation. The bloc is trying to mitigate potential risks associated with market volatility and economic uncertainties.
The endorsement from Nayib Bukele, President of El Salvador could have also played a crucial part in getting Bitcoin to the forefront globally. El Salvador’s president reiterated his nation’s stance on holding Bitcoin, citing that there is no plan to sell off the holdings any time soon. Bukele also confirmed that El Salvador’s BTC stake is currently valued at approximately $400 million, with a substantial gain bagged since it adopted Bitcoin as its legal tender.
While El Salvador’s Bitcoin holding is enviable, it is a far cry from MicroStrategy’s current holding. The Michael Saylor-led company holds up to 214,000 BTC and is valued at more than $15 billion. The milestones from MicroStrategy and other reputable companies along with the hype that trailer these accumulations helped in making Bitcoin the most searched subject.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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