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

By Finance News On Oct 30, 2024

Introduction

Introducing the Bitcoin Popularity Index (BPI), the first comprehensive search study of its kind. This index has been curated in an attempt to measure the global reach and impact of Bitcoin through a broad analysis of Google search queries.

Unlike many studies that offer absolute data or blend various aspects of cryptocurrency, the BPI data aims to deliver insights of Bitcoin interest specifically, by considering factors such as language diversity, Google’s browser dominance and population sizes. This approach allows us to gauge not just the raw interest but also the relative intensity of Bitcoin engagement across different nations. We can therefore highlight which countries are punching above their weight, relatively speaking.

While not intended as a definitive answer, the BPI serves as a useful exercise—perhaps the best snapshot we have amid imperfect data. By integrating these various elements, the Bitcoin Popularity Index offers a unique perspective, shifting away from generic metrics to provide a richer, more contextual understanding of how Bitcoin’s adoption is advancing worldwide.

You can download the infographic here.

Key Findings

The USA scores the highest number of queries with 14,432,650 queries per month, followed closely by Brazil with 12,400,260. Germany, India and Turkey complete the top 5.
The top 7 positions and 8 of the top 10 are occupied by Western European countries (as per EuroVoc’s regional definitions).
“Western” countries around the world have an average BPI of approximately 3,720 (compared to 1,250 elsewhere), indicating a relatively high popularity of Bitcoin.
Africa has the lowest BPI scores among the continents. This is unsurprising given that internet penetration in Africa is only 40%.
The most prominent Bitcoin queries are price queries, and more often than not the price of bitcoin against the dollar. In Egypt, however, bitcoin is more frequently priced in bars of gold instead of the dollar or the Egyptian pound.
The total number of monthly Bitcoin-related queries is nearly 77 million, with direct 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 average BPI at about 4,901, indicating a very strong popularity of Bitcoin in this region. This data is derived from just two countries (New Zealand and Australia), both benefiting from high levels of internet penetration.

Europe follows with an average BPI of 3,719 from 41 countries, showcasing the relative strength of Bitcoin popularity across the continent, placing it well above most other regions.

The Top 50 Countries

Countries 1-15