Statistical analysis by Google Trends is showing more and more people are searching google to find out how to buy Bitcoin.
According to the website there has been a sharp increase in people googling bitcoin related search terms like ‘how to buy bitcoin’ and ‘buy bitcoin.’
This is not the same as previous surges over the last year as these search spikes for Bitcoin were mainly coming from Africa and South America on the whole.
In contrast, for western nations bitcoin has been looked at as an asset to avoid due to its unpredictable volatility, a currency for speculators, criminals scammers and gamblers and not without good reason. Bitcoin has been in the news recently for all the wrong reasons.
But due to the coronavirus and a complete wholesale panic in western nations, many are looking for a place to hide their digital cash in case of a run on banks or a complete shutdown of society.
Here we can see in the United States over the last week there’s been a huge increase in searches for the term ‘buy bitcoin’.
Here we see the UK and it’s much the same.
With many governments asking their citizens to stay at home and self quarantine and with no real timescale of when the Coronavirus scare could pass could bitcoin become a defacto reserve currency at least electronically?
Satoshi Nakamoto conceived bitcoin during the last financial crisis in 2008.
His idea was to create a peer-to-peer, trustless and borderless electronic currency that didn’t require any third-party governance and that could be transacted without the interference of corrupt third parties.
In short, a currency beyond the reach of government and banks.
With a possible financial apocalypse on the horizon and civil unrest and run on the banks a very real possibility, the time might be ripe for Bitcoin to become an alternative to fiat currency.