The Bitcoin Popularity Index (BPI) - A Measure of Bitcoin Interest Around The World

Introduction

Introducing the Bitcoin Popularity Index (BPI), the archetypal broad hunt survey of its kind. This scale has been curated successful an effort to measurement the planetary scope and interaction of Bitcoin done a wide investigation of Google hunt queries.

Unlike galore studies that connection implicit information oregon blend assorted aspects of cryptocurrency, the BPI information aims to present insights of Bitcoin involvement specifically, by considering factors specified arsenic connection diversity, Google’s browser dominance and colonisation sizes. This attack allows america to gauge not conscionable the earthy involvement but besides the comparative strength of Bitcoin engagement crossed antithetic nations. We tin truthful item which countries are punching supra their weight, comparatively speaking.

While not intended arsenic a definitive answer, the BPI serves arsenic a utile exercise—perhaps the champion snapshot we person amid imperfect data. By integrating these assorted elements, the Bitcoin Popularity Index offers a unsocial perspective, shifting distant from generic metrics to supply a richer, much contextual knowing of however Bitcoin’s adoption is advancing worldwide.

Bitcoin Popularity Index 2024

You tin download the infographic here.

Key Findings

• The USA scores the highest fig of queries with 14,432,650 queries per month, followed intimately by Brazil with 12,400,260. Germany, India and Turkey implicit the apical 5.
• The apical 7 positions and 8 of the apical 10 are occupied by Western European countries (as per EuroVoc’s determination definitions).
• “Western” countries astir the satellite person an mean BPI of astir 3,720 (compared to 1,250 elsewhere), indicating a comparatively precocious popularity of Bitcoin.
• Africa has the lowest BPI scores among the continents. This is unsurprising fixed that net penetration successful Africa is lone 40%.
• The astir salient Bitcoin queries are terms queries, and much often than not the terms of bitcoin against the dollar. In Egypt, however, bitcoin is much often priced successful bars of golden alternatively of the dollar oregon the Egyptian pound.
• The full fig of monthly Bitcoin-related queries is astir 77 million, with nonstop searches for “Bitcoin” approaching 10 million.
• The ratio of Bitcoin-to-Ethereum queries is 9:1.

A Comparison of Continents

Oceania leads with the highest mean BPI astatine astir 4,901, indicating a precise beardown popularity of Bitcoin successful this region. This information is derived from conscionable 2 countries (New Zealand and Australia), some benefiting from precocious levels of net penetration.

Europe follows with an mean BPI of 3,719 from 41 countries, showcasing the comparative spot of Bitcoin popularity crossed the continent, placing it good supra astir different regions. 

The Top 50 Countries

Countries 1-15

Countries 16-32

Countries 33-50

Methodology of Data Collection

1. Selection of Data: Given that Google withholds each hunt query information for presumption relating to cryptocurrency, identifying the astir reliable dataset was important. In an effort to beryllium arsenic broad arsenic possible, datasets from SEMRUSH, Ahrefs, DataOs, Moz and Google Trends were each downloaded and researched. SEMRUSH proved to beryllium the astir reliable based connected its accuracy and depth, which is accordant with SparkToro’s study arsenic good arsenic SEMRUSH’s ain research connected hunt measurement data.
2. Data Comparison and Selection: Although the results were often akin for the astir portion betwixt SEMRUSH and Ahrefs, the 2 largest disposable datasets. There were important discrepancies betwixt the 2 for galore terms. The information for immoderate countries showed much than an 80% difference. This variability made it impractical to blend the information oregon capable successful gaps for countries wherever SEMRUSH provided nary data, arsenic the differences were excessively important to reliably aggregate.
3. Query Configuration: Broad lucifer queries for “Bitcoin” and “BTC” were utilized crossed alphabet groups including Latin, Arabic, Hebrew, Cyrillic, Japanese, Devanagari, Perso-Arabic, Cyrillic, Tamil, Sinhala, Chinese and Thai.
4. Incorporation of Demographic and Search Engine Data: Population figures were integrated from Worldometers, and Google’s marketplace stock information was sourced from Statcounter. For the purposes of this study, the Google marketplace stock was recalculated to 100% for each countries to standardize the interaction of hunt motor usage connected the data.
5. Calculation of Per Capita Search Volume: With the aforementioned data, a per capita hunt query measurement for each state was calculated. This measurement was important for normalizing the information crossed antithetic populations, allowing for a like-with-like examination of Bitcoin involvement irrespective of state size.
6. Data Visualization: The last results were categorized and plotted connected a Chloropleth representation utilizing the visualization tool Datawrapper. This allowed for a wide ocular practice of Bitcoin popularity crossed antithetic countries, highlighting regions with peculiarly precocious oregon debased levels of engagement.

The percent of a country’s colonisation utilizing the net wasn’t factored into the calculations, since those without net entree are little apt to amusement involvement successful Bitcoin. Africa’s astir precocious published net adoption complaint is 40%, comparable to the rates successful Europe and the United States of America successful 2005. Although this complaint remains low, it is increasing, arsenic is the adoption of Bitcoin. 

Scope of Data and Limitations

The Bitcoin Popularity Index (BPI) offers broad insights; however, it is constrained by the lack of information from 77 countries, including China, Iran, Cuba and 33 African nations — peculiarly Tanzania, Kenya and Sudan. This deficiency of information from cardinal regions tin effect successful an incomplete planetary position connected Bitcoin engagement.

Furthermore, the BPI is based connected third-party estimations, arsenic Google does not stock circumstantial hunt query information for Bitcoin oregon different cryptocurrencies. VPNs tin play their portion excessively by obfuscating wherever searches originate from, but this is not expected to person impacted the results excessively much.

The information is erroneous successful a tiny fig of countries, arsenic “BTC” is the sanction of a telephone institution successful the Bahamas, an net supplier successful Botswana and a buying promenade successful Slovenia.

Summary

The Bitcoin Popularity Index (BPI) provides a elaborate look astatine planetary involvement successful Bitcoin done the lens of Google hunt queries. While this survey employs the champion disposable data, it is important to enactment that it is not intended to definitively reply which state has the strongest Bitcoin adoption. Rather, the BPI serves arsenic a gauge of wide involvement and engagement with Bitcoin crossed antithetic nations.

The information reveals that Oceania has the strongest BPI scores, though Europe shows the top spot crossed the board, with 41 retired of 43 countries performing strongly. It is besides evident that hunt information is stronger successful countries with higher net penetration, frankincense creating a information bias favouring specified countries.

A invaluable follow-up to this survey would impact examining different metrics that could supply further insights into Bitcoin adoption. Some examples of those metrics see the fig of Bitcoin nodes, Bitcoin Lightning Network nodes oregon hashrate distribution. Such information points could connection a much broad knowing of however profoundly Bitcoin has permeated antithetic regions and could assistance overgarment a fuller representation of its planetary adoption.

Furthermore, the extremity is to marque the BPI an yearly calculation, providing a comparative approximation of however Bitcoin involvement and adoption advancement crossed each surveyed countries connected a yearly basis.