Global BTC interest ranking is out! 7 seats are taken by European countries, which country ranks first?

The Bitcoin Popularity Index (BPI) is the first comprehensive search study of its kind. The index aims to assess the global influence of BTC by extensively analyzing Google search queries.

Unlike many studies that provide absolute data or multiple dimensions of Token, BPI data mainly considers factors such as language diversity, dominant position of Google browser, and population size, providing specific insights into interest in Bitcoin. This approach can not only assess the original interest in Bitcoin in different countries, but also evaluate the participation of different countries in Bitcoin.

While BPI is not intended to provide a definitive answer, it offers a unique perspective by integrating these different elements, transitioning from a general indicator to providing a richer, more contextual understanding of BTC adoption globally.

Image source: PANews 2024 BTC Popularity Index

Main findings

The United States has the highest number of monthly queries, with 14,432,650, followed by Brazil with 12,400,260. Germany, India, and Turkey are among the top five.

The top seven and eight of the top ten are all occupied by Western European countries.

The average BPI of global 'Western' countries is about 3,720 (1,250 for other regions), indicating a relatively high popularity of BTC.

Africa's BPI score is the lowest among all continents. This may be due to the internet penetration rate in Africa being only 40%.

The most common BTC query is price inquiry, usually the price of BTC against the US dollar. However, in Egypt, BTC is often valued in gold bars instead of US dollars or Egyptian pounds.

The total number of queries related to BTC per month is close to 77 million, and the number of direct searches for "BTC" is close to 10 million.

The query ratio of BTC to ETH is 9:1.

Comparison of major continents

Oceania has the highest average BPI, about 4,901, indicating that BTC is very popular in the region. This data is only from two countries, New Zealand and Australia, both of which benefit from a high level of internet penetration.

Following closely is Europe, with an average BPI of 3,719 in 41 countries. The popularity of BTC on the entire European continent is much higher than in most other regions.

Source: PANews

Top 50 countries

Ranking 1-15

Source: PANews

Rank 16-32

Source: PANews

Rank 33-50

Source: PANews

Data collection methods

Data selection: Given that Google retains all search query data related to Cryptocurrency, it is crucial to determine the most reliable dataset. To be as comprehensive as possible, datasets from SEMRUSH, Ahrefs, DataOs, Moz, and Google Trends were downloaded and studied.

Data Comparison and Selection: While the results of the two largest available datasets, SEMRUSH and Ahrefs, are largely similar, there are significant differences between them in many terms. Data from some countries shows differences of over 80%. This variability makes it impractical to mix data or fill in the gaps of countries not covered by SEMRUSH, as the differences are too great to be reliably aggregated.

Query configuration: Extensive matching queries for "BTC" and "BTC" cover Latin, Arabic, Hebrew, Cyrillic, Japanese, Hindi, Persian-Arabic, Cyrillic, Tamil, Sinhala, Chinese, and Thai.

The combination of population statistics and search engine data: population data comes from Worldometers, and Google's market share data comes from Statcounter. For this study, all countries'

Google's market share has been recalculated to 100% to standardize the impact of search engine usage on data.

Calculate per capita search volume: Using the above data, calculate the per capita search query volume for each country. This step is crucial for normalizing data across different populations, allowing for comparison of Bitcoin interest regardless of country size.

Data visualization: Use the visualization tool Datawrapper to classify the final results and plot them on a Chloropleth map.

The calculation does not take into account the proportion of the population using the Internet in a country, as those who cannot access the Internet are unlikely to be interested in BTC. Africa recently announced an Internet penetration rate of 40%, which is comparable to that of Europe and the United States in 2005. Although this proportion is still very low, it is rising, and the popularity of BTC is also rising.

Source: PANews

Data scope and limitations

Due to the lack of data from 77 countries, the BPI index is limited, including China, Iran, Cuba, and 33 African countries, especially Tanzania, Kenya, and Sudan. The lack of key regional data results in an incomplete global perspective on Bit coin participation.

In addition, the BPI index is based on third-party estimates, as Google does not share specific search query data for BTC or other cryptocurrencies. VPNs also partially obscure search sources, but are not expected to have a significant impact on the results.

The data in a few countries is incorrect because 'BTC' is the name of a telephone company in the Bahamas, an internet service provider in Botswana, and a shopping center in Slovenia.

The BPI index provides a perspective on global interest in BTC through Google search queries. While this study uses the best available data, it is important to note that the BPI is not intended to definitively answer which country has the highest adoption rate of BTC. Instead, the BPI is an indicator of the general interest and participation in BTC across different countries.

Data shows that Oceania has the highest BPI score, but Europe performs the strongest, with 41 out of 43 countries performing outstandingly. In addition, countries with higher internet penetration rates have stronger search data, so the data tends to favor these countries.

[Disclaimer] The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.

This article is authorized for reprint from: "PANews"

Original Author: Bitcoin Magazine