In recent days there has been a real boom in Google searches for the words “coronavirus” and “bitcoin”.
As far as bitcoin is concerned, according to Google Trends, it has gone from an average level of just over 25 to 100 in just four days.
The escalation began on March 9th and then peaked on March 13th, while the price of bitcoin fell on March 8th and 12th.
As a result, the most sustained increases in searches took place the day after the collapses.
This phenomenon has occurred all over the world, except in China, where Google is used very little, and in South Korea.
It should be noted that Hong Kong was no exception and the search peaks correspond to those of other countries.
Comparing these searches with those of the term “coronavirus” it turns out that the latter are now much higher, despite the fact that until January 20th they were almost zero.
An emblematic case is that of South Korea, which is one of the first countries to be hit hard by the epidemic, along with China.
In South Korea, in fact, searches for the term “coronavirus” have had two peaks, one more contained between January 28th and 31st and another very sustained on February 23rd. After that, there was a drop, with a recent rise from March 8th.
Analyzing the comparison of the last 30 days in South Korea it is clear that the searches for “coronavirus” have literally overwhelmed those of “bitcoin”.
This is completely different for example in the United States, where until February 21st, “coronavirus” searches were only slightly higher than those of “bitcoin”.
After that, however, starting on February 22nd, but especially after March 8th, searches have literally surged, ending up completely overwhelming those of “bitcoin”.
This dynamic is similar to many other countries, but while bitcoin searches follow a similar trend throughout the world, those of the coronavirus change a lot from country to country depending on the virulence that the epidemic has developed over time, which differs from region to region.
For example, comparing the searches in the US with those in Italy, it can be noted that coronavirus searches in Italy peaked on February 23rd, three weeks earlier than in the US.
On the other hand, comparing searches in the US with those in Spain, it can be observed that in the Iberian country these are still much more than in the US, despite the fact that Spain has seven times fewer inhabitants.
This is not surprising given that, while bitcoin is a global phenomenon, the virulence of the coronavirus epidemic is currently regional in nature.
For this reason, as far as Google Trends searches are concerned, it is not possible to find correlations between the two trends, even though obviously the two phenomena are linked to one another, considering that the coronavirus emergency generates instability in the financial markets, which in turn has an impact on bitcoin.