The safe haven aspect of Bitcoin resulted in the cryptocurrency’s google searches surging by almost 5,000% after recent Iran airstrikes on U.S. troops in Iraq. Official data from Google Trends show that searches for the sentence ‘Bitcoin Iran’ surged 4,450% on a weekly basis.
The word Bitcoin itself also experienced a decent climb on the most popular search engine. Global searches for Bitcoin reached a maximum score of 100 on Google. Only a week earlier, the score for the same statistics was 40.
Nigeria, Canada, Singapore, the United States, and the United Arab Emirates represent one of the countries with the highest search rates, with Nigeria taking the first place. Besides geopolitical instability, Bitcoin’s bullish price action on Jan. 3 has also contributed to the surge in searches.
Bitcoin’s safe haven aspect brings both higher value and searches
Usually referred to as digital gold, the sector’s main cryptocurrency continually rises with the price of other commodities such as gold and oil. With the newly created global tensions, it seems that Bitcoin will thrive on conflict and uncertainty in the world.
Financial experts have claimed numerous times in the past that Bitcoin may become a safe haven asset in the case of a recession or war. According to Investopedia, a safe haven is an investment that will either retain or increase in value during market turbulence. In a more detailed description, the description states:
Safe havens are sought by investors to limit their exposure to losses in the event of market downturns. However, what appears to be a safe investment in one down market could be a disastrous investment in another down market, and so the evaluation of safe haven investments varies, and investors must perform ample due diligence.
Aside from Gold, other safe haven assets include treasury bills, defensive stocks, and cash. Find out more about how Iran’s recent attack affected Bitcoin by reading our newest article on the topic.