Wednesday, October 27, 2021
HomeBitcoin NewsMore People Seem Interested in Buying Bitcoin (and Ethereum) Than Selling It

More People Seem Interested in Buying Bitcoin (and Ethereum) Than Selling It

It would seem that people are much more interested these days in potentially owning (more) bitcoin (BTC), than they are in selling what they have.

As we’re all well aware off, Google practically means ‘search engine’ at this point, so Google Trends can provide an interesting insight into what it is that people are curious about these days, how much, and how much in relation to the previously recorded curiosity on that matter. And the matter we’re interested in this time is the number one cryptocurrency in the world.

This is particularly intriguing in light of the latest rally bitcoin has been riding on since October, reaching the previous all-time high at the end of November, and even surpassing USD 23,000 just today and then correcting lower. At 8:31 UTC Thursday morning, BTC was trading at USD 22,666, having gone up nearly 17% in a day and 23% in a week.

The most interesting finding on Google Trends is that the query ‘should I buy bitcoin’ beats the ‘should I sell bitcoin’ – by a lot. The spike in both of these terms can be clearly seen in the past day, for the former in particular. The interest in buying bitcoin reached a value of 100, which is its peak popularity in that given time frame (one week in this case), on the evening of December 16, continuing to spike several more times since. In comparison, the interest in selling the coin saw its highest value of just 34 earlier today.

The interest in selling bitcoin was strongest in South Africa, the US, Canada, the UK, and Australia. Meanwhile, people were the most curious about potentially purchasing bitcoin in most of those same countries, with Singapore taking Canada’s place.

Expanding the time frame to 5 years, we see ‘should I buy bitcoin’ reaching its peak of 100 in December 2017, during the previous major bull run. Back then too, people were a lot less curious about selling it in the midst of a rally. Compared to the value of 100 that the interest in buying the coin got, ‘should I sell bitcoin’ was sitting at 18 as its highest point.

Interestingly, compared to that massive peak in interest, the surge we’re seeing today is just 19 for ‘should I buy bitcoin’ and 4 for ‘should I sell bitcoin.’ As industry figures argue, today, a lot more people already know what bitcoin is and how it can be purchased.

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