Search volume for Bitcoin has seen a surge throughout the summer, particularly among the constituents of the UK as the country prepares for Brexit.
Bitcoin Search Hits Yearly High
According to data compiled through Google Trends, ‘bitcoin’ search volume has risen to its highest level in a year in England and other parts of the UK.
Interest in BTC hit its zenith in the final days of June, which also coincided with a bullish rally that took the price close to $14,000. While bitcoin has seen a contraction in value over the last several weeks, search volume interest is still high relative to the beginning of the year and most of 2018.
Bitcoin search volume hit a yearly high in June. | Source: Google Trends
Bitcoin is making a revival globally, but some speculate citizens of the UK are taking a more ardent interest in cryptocurrency. The uncertainty of Brexit in October is looming large over the country, with many wondering if bitcoin will provide a better alternative to the pound.
According to a report by TrustNodes, the pound has established a downward trend against the dollar, despite receiving a slight bump after last week’s swearing-in of Prime Minister Boris Johnson. If the trend continues, the pound is in danger of breaking its all-time low.
Washington and media coverage of Crypto and #bitcoin is turning into ‘too much of a good thing’ because might push @realDonaldTrump towards escalation.
– NEED Brexit, China trade war, Euro banks back in headlines.
– Bitcoin choppy until then. #BTFD#cryptowinter over
— Thomas Lee (@fundstrat) July 18, 2019
Brexit Driving Interest
The fear is that Britain is heading towards a no-deal Brexit, which would cast most of the UK into trade and travel turmoil. Member countries of the EU would likely suffer an economic setback in the fallout, leading to a lack of confidence in both the pound and euro, despite their historically robust exchange.
It’s no surprise that bitcoin gained price momentum earlier in the year when Brexit talks were reaching their most heated period of debate. While the UK managed to stave off a no-deal situation by delaying Brexit until October, the clock is ticking for citizens of the former EU country.
However, bitcoin may provide an attractive alternative to fiat and one that is beginning to gain prominence as a store of value asset. A report by Coin Metrics last week showed that bitcoin’s untouched supply had reached an all-time high of 3.84 million BTC, more than 20 percent of the total circulating supply.
Users of the original cryptocurrency are beginning a trend towards a store of value asset, similar to gold. If the economic uncertainty of Brexit continues, citizens of both the UK and EU may increase their focus on bitcoin in light of falling fiat.
