ConsenSys Demographic Search Survey: Trends in Cryptocurrency and Blockchain
A search engine survey carried out by ConsenSys revealed the search break up for certain countries. The goal, as per the blog post, May 20, 2019, was to figure out whether Bitcoin, Ethereum, blockchain, or cryptocurrency were dominating consumer minds in a particular country.
Bitcoin and Ethereum On Top
Countries in Asia such as Japan and South Korea led world interest for both blockchain and Ethereum with search preferences. Japan and South Korea also have a high population penetration of blockchain and cryptocurrency educated people.
USA, UK, Brazil, and Nigeria led the pack in terms of Bitcoin searches – which is not an unexpected finding. The USA and UK, especially, have blown up on the trading forefront; everyone and their parents are talking about Bitcoin and developing an opinion about it. This is a positive sign as it means Bitcoin has left a lasting impression, enough to get people to read about it.
Venezuela, unsurprisingly, had the highest individual Bitcoin searches with 75 percent of their total blockchain/cryptocurrency related searches being related to Bitcoin.
Russia and Taiwan seemed to have the most diversity in their searches – most were related to Bitcoin but only 37 percent with nearly equal weighting to blockchain and Ethereum.
Despite USA and India being the top two in terms of having a blockchain developer talent pool, blockchain was a very minimally searched term.
Inferences from the Study
The countries with a large amount of Bitcoin searches seem to be those currently embroiled in a regulation debate regarding cryptocurrencies, of which Bitcoin is at the forefront.
Countries with better clarity in terms of legal treatment are more developer focused i.e South Korea and Japan. Though smaller countries with better regulatory treatment were not included in the study, the trend indicates a majority of their searches would be in blockchain or Ethereum. While it is likely a lot of these searches are just to find the price it’s at, awareness and education on blockchain and cryptocurrency has been rapidly growing.
Corporations across the globe have been pushing the ‘blockchain, not Bitcoin’ narrative for a long time – it’s finally dying down in terms of consumer perception. A survey from Blockchain Capital showed that people in the 18-24 year age bracket were very bullish on Bitcoin and cryptocurrencies in general.
With people hyped up at the prospect of the bull market being back, searches always tend to move in favor of Bitcoin and will most likely see a huge inflow of searches across the world in the coming months, depending on how price action pans out.