Based on Galaxy Digital’s latest market analysis, the search volume for “Bitcoin” on Google surpasses that of both “Taylor Swift” and “Beyoncé”.
BTC Popularity and Key Catalysts
In addition, Mike Novogratz noted that the search volume for Bitcoin on Google hit its peak in the past year during March. This isn’t shocking given Bitcoin’s upward trend near the end of Q1, 2024.
March was the month when BTC hit a new all-time high (ATH) above $73,000.
In March, Bitcoin’s price surged by as much as 13.94%, causing a similar rise of 4.82% for Ethereum and other cryptocurrencies.
Following the SEC’s approval of a Bitcoin spot ETF by the United States Securities and Exchange Commission in January, there was significant interest in this new product. This attention had positive effects on Bitcoin’s price and popularity. Major investment firms such as Grayscale Investments, BlackRock, and Fidelity Investments experienced large inflows, leading to over $100 billion in trading volume for the emerging niche within just a few weeks.
The excitement around this has significantly boosted the demand for the associated cryptocurrency. It has also contributed to its growing acceptance among mainstream users in various regions. In the near future, there are predictions that numerous companies will apply to launch Bitcoin ETFs.
Different Countries Endorsing Bitcoin
Another way to phrase this is: Bitcoin’s fame grew due to a move made by the Japanese government. Specifically, Japan’s Government Pension Investment Fund (GDIF), the largest pension fund globally in terms of assets, disclosed intentions to include Bitcoin investments in their diversification strategy. The aim is to reduce risks from market fluctuations and economic instability.
Nayib Bukele, the president of El Salvador, strongly supported Bitcoin’s rise to prominence on the global stage. He restated his country’s commitment to keeping their Bitcoin holdings, indicating no intention to sell them imminently. Furthermore, President Bukele disclosed that El Salvador’s BTC stash is now worth around $400 million and has generated substantial profits since adopting it as legal tender.
El Salvador’s Bitcoin holdings are impressive, but they don’t compare to MicroStrategy’s substantial hoard. MicroStrategy, under Michael Saylor’s leadership, owns approximately 214,000 Bitcoins and boasts a valuation exceeding $15 billion. The achievements of MicroStrategy and other notable companies, coupled with the buzz surrounding their Bitcoin acquisitions, have significantly contributed to making Bitcoin a highly sought-after topic.
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2024-04-10 23:51