Recent trends from Google reveal a notable surge in interest around cryptocurrencies, coinciding with President-elect Donald Trump’s upcoming inauguration speech.
Surge in Search Interest
Data shows that searches for “how to buy crypto” have skyrocketed, reaching a peak interest score of 100 on Google Trends. This dramatic increase marks the highest level of engagement seen in the past five years, highlighting a newfound curiosity among retail investors wanting to enter the crypto market. The final numbers for this week’s searches will be available on Saturday.
A score of 100 signifies an extraordinary volume of searches over a defined period, emphasizing a significant public interest in digital currencies. Google Trends utilizes a vast, primarily unfiltered dataset of search queries, which allows it to score interest from 0 to 100, providing insights into search behavior across various regions and times.
Trump’s Economic Policies and Cryptocurrency
While the rise in searches might not directly correlate with actual purchases, it certainly reflects a strong desire among everyday investors to learn more about cryptocurrencies.
As anticipation builds, speculation is rife regarding Trump’s potential economic policies. Reports suggest his administration might consider establishing a bitcoin reserve similar to the country’s strategic oil reserve, as well as placing a strong emphasis on cryptocurrencies in national legislation. Many believe he could unveil these plans during his inaugural address.
Over the past weekend, Trump and his wife, Melania, ventured into the world of memecoins, launching their own tokens, TRUMP and MELANIA. These coins quickly amassed several billion dollars in market capitalization.
Shifting the Narrative
Experts point out that Trump’s bold move into the memecoin market has shifted the so-called “Overton window,” changing the narrative around cryptocurrencies from a fringe topic to a significant part of mainstream conversation.
One cryptocurrency advocate mentioned that ongoing developments might inspire an influx of startups looking to leverage existing regulatory uncertainties. They noted that past actions by the SEC forced many entrepreneurs to blur the lines between tokens and traditional equity. However, they stressed that the transition of equity from conventional finance to blockchain platforms raises no moral issues.
The Overton Window framework illustrates how public perception evolves and influences the political landscape, marking what’s deemed acceptable at any particular moment.
Another analyst argued that Trump’s memecoin initiative could signal a push toward greater cryptocurrency deregulation in the United States, encouraging stakeholders to concentrate efforts on areas hindered by outdated regulations.
Stay informed: Bitcoin Makes Waves, Surging to New Heights at $109K Just Before Trump’s Inauguration Speech.
Omkar Godbole serves as Co-Managing Editor at CoinDesk, where he focuses on the Markets team from Mumbai. With a master’s degree in Finance and a member of the Chartered Market Technician (CMT) association, he previously contributed to FXStreet, where he researched currency markets and acted as a fundamental analyst for brokerage firms in Mumbai.
Source: Coindesk
