A new analysis by Consensys on crypto-related internet search data has revealed that most western countries–knowingly or unknowingly–consist of Bitcoin maximalists.
In a study that compared search data on the terms “Bitcoin,” “Ethereum,” “Blockchain,” and “Cryptocurrency,” it was revealed that more than 67 percent of searches in Canada, Sweden, the US, the UK, Venezuela, Australia, France, and Nigeria were for the word “Bitcoin.” Brazil led the pack with 88 percent Bitcoin search dominance.
— ConsenSys (@ConsenSys) May 20, 2019
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The study also revealed that in much of the East, interest in cryptocurrencies seems to be a bit more evenly distributed. In Japan, only 28 percent of searches went to BTC; 30 percent were for Ethereum, and 39 percent were for blockchain, while the remaining 3 percent were for cryptocurrency. Taiwan, South Korea, and Russia show similar demographics. However, India’s data was more similar to that of the United States.
The Method to the Madness
Consensys theorized that this more even distribution of searches may be indicative of different levels of awareness of the crypto and blockchain spheres. “Countries in Asia like Japan and South Korea lead the world in interest for both ‘Blockchain,’ and ‘Ethereum,’ and fittingly are developing a clued-in populous at the forefront of the blockchain ecosystem,” the report said.
Although data was not available for China, “In Taiwan, perhaps the closest we’ll get to search data from China, blockchain and Ethereum are growing fast in search dominance and outrank even Bitcoin.”
The report also presented theories as to why Bitcoin remains of primary interest in other parts of the world. For example, “Venezuela, in the midst of major political upheaval, has seen a huge spike in search interest regarding Bitcoin as its Bolivàr currency continues to fall.”
Bitcoin dominance in the US and the UK, on the other hand, seems to be driven by brand name recognition. The results in these countries “[exhibit] a brand name bias with these numbers, suggesting that the technology isn’t understood until a ‘brand’ like Bitcoin or Ethereum introduces the concept to households.”
Meanwhile, market cap data on Bitcoin dominance shows that financially speaking, Bitcoin comprises 57 percent of the cryptocurrency market as a whole.