Bitcoin Popularity Index (BPI)

Introducing the Bitcoin Popularity Index (BPI), the first comprehensive search study of its kind. This index has been curated in an attempt to measure the global reach and impact of Bitcoin through a broad analysis of Google search queries.

The Bitcoin Popularity Index (BPI) is the first-of-its-kind, large-scale search study that measures the global reach and impact of Bitcoin through a broad analysis of Google search queries.

This index aims to deliver insights of Bitcoin interest specifically, considering factors such as language diversity, Google’s browser dominance and population sizes. This approach allows us to gauge not just the raw interest but also the relative intensity of Bitcoin engagement across different nations. We can therefore highlight which countries are punching above their weight, relatively speaking.

Unlike many studies that offer absolute data or blend various aspects of cryptocurrency, the BPI data is curated in an attempt to isolate and present the granular details of Bitcoin interest, as opposed to a general overview of cryptocurrency trends.

This exercise is useful, especially given the imperfect nature of the data available; however, it is not intended as a definitive answer. By integrating these various elements, the Bitcoin Popularity Index offers a unique perspective, shifting away from generic metrics to provide a richer, more contextual understanding of how Bitcoin’s adoption is advancing worldwide.

Bitcoin Popularity Index 2024

You can download the infographic here.

Key Findings

A Comparison of Continents

Oceania leads with the highest average BPI at about 4,901, indicating a very strong popularity of Bitcoin in this region. This data is derived from just two countries (New Zealand and Australia), both benefiting from high levels of internet penetration.

Europe follows with an average BPI of 3,719 from 41 countries, showcasing the relative strength of Bitcoin popularity across the continent, placing it well above most other regions.

The Top 50 Countries

Countries 1-15

Countries 16-32

Countries 33-50

Methodology of Data Collection

The percentage of a country’s population using the internet wasn’t factored into the calculations, since those without internet access are less likely to show interest in Bitcoin. Africa’s most recently published internet adoption rate is 40%, comparable to the rates in Europe and the United States of America in 2005. Although this rate remains low, it is increasing, as is the adoption of Bitcoin.

Scope of Data and Limitations

The Bitcoin Popularity Index (BPI) offers comprehensive insights; however, it is constrained by the absence of data from 77 countries, including China, Iran, Cuba and 33 African nations — particularly Tanzania, Kenya and Sudan. This lack of data from key regions can result in an incomplete global perspective on Bitcoin engagement.

Furthermore, the BPI is based on third-party estimations, as Google does not share specific search query data for Bitcoin or other cryptocurrencies. VPNs can play their part too by obfuscating where searches originate from, but this is not expected to have impacted the results too much.

The data is erroneous in a small number of countries, as “BTC” is the name of a phone company in the Bahamas, an internet provider in Botswana and a shopping mall in Slovenia.

Summary

The Bitcoin Popularity Index (BPI) provides a detailed look at global interest in Bitcoin through the lens of Google search queries. While this study employs the best available data, it is important to note that it is not intended to definitively answer which country has the strongest Bitcoin adoption. Rather, the BPI serves as a gauge of general interest and engagement with Bitcoin across different nations.

The data reveals that Oceania has the strongest BPI scores, though Europe shows the greatest strength across the board, with 41 out of 43 countries performing strongly. It is also evident that search data is stronger in countries with higher internet penetration, thus creating a data bias favouring such countries.

A valuable follow-up to this study would involve examining other metrics that could provide further insights into Bitcoin adoption. Some examples of those metrics include the number of Bitcoin nodes, Bitcoin Lightning Network nodes or hashrate distribution. Such data points could offer a more comprehensive understanding of how deeply Bitcoin has permeated different regions and could help paint a fuller picture of its global adoption.

Moreover, the goal is to make the BPI an annual calculation, providing a comparative approximation of how Bitcoin interest and adoption progress across all surveyed countries on a yearly basis.