The number of searches for the word «bitcoin» in Argentina in recent weeks has followed an exponential trajectory. The figure has doubled the peak of the 2017 bull market.
Argentina’s Google Trend searches for #Bitcoin going ballistic 🔥🚀 pic.twitter.com/GsQK3sc033
— Moritz (@MWietersheim) January 24, 2021
The Latin American country remains mired in an ongoing economic crisis, accompanied by rising unemployment, high inflation and a depreciation of the national currency. Many Argentines see digital gold as an alternative that could help weather the current uncertainty.
In December, as Bitcoin neared its previous record near $20,000, the Google Trends index stood at 28%. An index value of 100% corresponds to the definition of “peak popularity”.
Last year’s Paxful study showed that seven in ten Argentines consider Bitcoin an effective hedge against inflation. This view is shared by a majority of leaders of local tech firms and asset managers.
The popularity of the leading cryptocurrency is attributed to fresh record lows for the peso, which has depreciated against the dollar by about 4.3 times over the past three years.
Data: Trading Economics.
MicroStrategy chief executive Michael Saylor cited the peso-dollar trajectory as evidence of the case for holding reserves in Bitcoin.
Whenever someone questions our #Bitcoin Strategy, I always wonder what advice the critic would give to the 44 million people in Argentina. pic.twitter.com/q9kRV1rJNp
— Michael Saylor (@michael_saylor) December 24, 2020
Similar Google Trends patterns, as in Argentina, are evident among residents of Nigeria, Ghana and South Africa.
Arcane Research analysts have identified Africa as the most promising region for the development of the crypto industry.
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