Written by: Bitcoin Magazine

Compiled by: Felix, PANews

The Bitcoin Popularity Index (BPI) is the first comprehensive search study of its kind. The index aims to measure Bitcoin's global influence through extensive analysis of Google search queries.

Unlike many studies that provide absolute data or various dimensions of multiple tokens, BPI data primarily considers factors such as language diversity, Google's browser dominance, and population size, providing specific insights into interest in Bitcoin. This approach not only measures raw interest in Bitcoin across different countries but also assesses participation levels.

While the BPI is not designed to provide definitive answers, it offers a unique perspective by integrating these different elements, transitioning from generic metrics to a richer, more contextual understanding of Bitcoin adoption globally.

2024 Bitcoin Popularity Index

Main Findings

  • The United States has the highest number of monthly queries at 14,432,650, followed by Brazil with 12,400,260 queries. Germany, India, and Turkey round out the top five.

  • Seven of the top ten and eight of the top positions are held by Western European countries.

  • The average BPI for global 'Western' countries is approximately 3,720 (compared to 1,250 for other regions), indicating a relatively high level of popularity for Bitcoin.

  • Africa has the lowest BPI score among all continents, likely due to the continent's internet penetration rate being only 40%.

  • The most queried Bitcoin-related searches are for price, typically the price of Bitcoin against the US dollar. However, in Egypt, Bitcoin is more frequently priced in gold bars rather than in dollars or Egyptian pounds.

  • The total number of monthly queries related to Bitcoin is nearly 77 million, with direct searches for 'Bitcoin' close to 10 million.

  • The query ratio of Bitcoin to Ethereum is 9:1.

Comparison by Continents

Oceania has the highest average BPI at approximately 4,901, indicating strong popularity of Bitcoin in the region. This data comes solely from two countries (New Zealand and Australia), both benefiting from high levels of internet penetration.

Following closely is Europe, with an average BPI of 3,719 across 41 countries, indicating that Bitcoin is far more popular throughout the European continent than in most other regions.

Top 50 Countries

Rankings 1-15

Rankings 16-32

Rankings 33-50

Data Collection Methodology

  • Data Selection: Given that Google retains all search query data related to cryptocurrencies, it is crucial to identify the most reliable dataset. To be as comprehensive as possible, datasets from SEMRUSH, Ahrefs, DataOs, Moz, and Google Trends were downloaded and analyzed.

  • Data Comparison and Selection: Although the results from SEMRUSH and Ahrefs, the two largest available datasets, are largely similar, there are significant differences between the two in many terms. Some countries show differences exceeding 80%. This variability makes it impractical to mix data or fill gaps for countries where SEMRUSH has not provided data, as the differences are too large to aggregate reliably.

  • Query Configuration: Broad match queries for 'Bitcoin' and 'BTC' cover languages such as Latin, Arabic, Hebrew, Cyrillic, Japanese, Hindi, Persian-Arabic, Cyrillic, Tamil, Sinhalese, Chinese, and Thai.

  • Combination of Demographic and Search Engine Data: Demographic data is sourced from Worldometers, and Google's market share data comes from Statcounter. For this study, Google's market share for all countries was recalculated to 100% to standardize the impact of search engine usage on the data.

  • Calculating Per Capita Search Volume: Using the above data, the per capita search query volume for each country was calculated. This step is crucial for normalizing data across different populations, allowing for a comparable understanding of interest in Bitcoin regardless of country size.

  • Data Visualization: The final results were categorized and plotted on a Chloropleth map using the visualization tool Datawrapper.

The proportion of a country's population using the internet was not considered in the calculations, as those without internet access are less likely to be interested in Bitcoin. Africa's recently reported internet penetration rate is 40%, comparable to that of Europe and the US in 2005. Although this rate remains low, it is on the rise, and so is Bitcoin's popularity.

Data Scope and Limitations

The BPI is limited due to a lack of data from 77 countries, including China, Iran, Cuba, and 33 African countries (notably Tanzania, Kenya, and Sudan). The absence of key regional data leads to an incomplete global perspective on Bitcoin participation.

Additionally, the BPI index is based on third-party estimates, as Google does not share specific search query data for Bitcoin or other cryptocurrencies. VPNs also somewhat obscure search origins, but are not expected to significantly affect the results.

Data from a few countries is inaccurate because 'BTC' is the name of a telephone company in the Bahamas, an internet provider in Botswana, and a shopping mall in Slovenia.

The BPI index provides a detailed view of global interest in Bitcoin through the lens of Google search queries. While this study utilizes the best available data, it should be noted that the BPI is not designed to explicitly answer which country has the highest adoption rate of Bitcoin. Instead, the BPI serves as an indicator of the general interest and participation in Bitcoin across different countries.

Data shows that Oceania has the highest BPI score, but Europe performs strongest, with 41 out of 43 countries showing outstanding results. Additionally, countries with higher internet penetration show stronger search data, leading to a bias in the data towards these countries.