According to the head of Global Marketing at SEMrug, Olga Andrienko, there is a strong correlation between the bitcoin rate and Google searches:
We have also found that there is a correlation factor of 80.8% between Google searches and the bitcoin price.
While bitcoin rose to a new annual high of nearly $ 14,000, searches with “bitcoin” increased by 158%. The question “What is bitcoin ?” Is also one of the most frequently asked questions from 2018 via Google.
The correlation is not only visible on Google, but also the Chinese Baidu sees the same happening. In China, interest in bitcoin is increasing not only because of the rising price, but also because the government is making it increasingly difficult to get money out of the country.
The Chinese use bitcoin as a “capital flight”, which makes it easier for them to keep their money outside of the Chinese economy. Alex Krüger, a well-known crypto analyst, wrote:
Both interest in bitcoin in China (measured by Baidu Trends) and in the world (measured by Google Trends) increased on the same data.