Global Bitcoin Interest Index Ranking: European Countries Occupy 7 of the Top 10 Spots

The Bitcoin Popularity Index (BPI) is the first comprehensive search study of its kind. This index aims to measure Bitcoin’s global influence through extensive analysis of Google search queries.

Unlike many studies that provide absolute data or various dimensions of multiple tokens, the BPI data primarily considers factors such as language diversity, Google Chrome dominance, and population size, providing specific insights into interest in Bitcoin. This approach measures not only the initial interest in Bitcoin across different countries but also the level of engagement with Bitcoin within those countries.

While BPI is not intended to provide definitive answers, it offers a unique perspective by integrating these different elements, moving from general metrics to providing a richer, more contextual understanding of Bitcoin adoption worldwide.

Key findings

• In terms of monthly search volume, Americans searched for “Bitcoin” the most, with 14,432,650 searches, followed by Brazil with 12,400,260 searches. Germany, India, and Turkey ranked in the top five.
• Western European countries occupy the top 6 spots and 7 out of the top 10 spots in the Bitcoin Popularity Index (BPI) rankings.
• The average BPI in “Western” countries worldwide is approximately 3,720 (compared to 1,250 in other regions), indicating that Bitcoin is relatively popular.
• Africa has the lowest BPI score of all continents. This is likely due to the fact that internet penetration in Africa is only 40%.
• The most frequent Bitcoin queries are price queries, usually the Bitcoin to US dollar price. However, in Egypt, Bitcoin is more often priced in gold bars than in US dollars or Egyptian pounds.
• There are nearly 77 million Bitcoin-related queries per month, with nearly 10 million direct searches for “Bitcoin”.
• The query ratio for Bitcoin to Ethereum is 9:1.

continental comparison

Oceania has the highest average BPI at approximately 4,901, indicating Bitcoin’s popularity in the region. These figures are from only two countries (New Zealand and Australia), both of which benefit from high levels of internet penetration.

Europe follows closely behind, with an average BPI of 3,719 across 41 countries, demonstrating Bitcoin’s popularity across the continent far exceeding that of most other regions.

Top 50 countries

Ranked 1-15

Ranked 16-32

Rank 33-50

Data collection methods

• Data Selection: Given that Google retains all search query data related to cryptocurrency, it was crucial to determine the most reliable datasets. For comprehensiveness, datasets from SEMRUSH, Ahrefs, DataOs, Moz, and Google Trends were downloaded and analyzed.
• Data Comparison and Selection: Although the results from SEMRUSH and Ahrefs, the two largest available datasets, are largely similar, significant differences exist between them in many terms. Data for some countries shows differences exceeding 80%. This variability makes mixing data or filling gaps in data for countries not provided by SEMRUSH impractical, as the differences are too large to be reliably summarized.
• Query configuration: Extensive paired queries for “Bitcoin” and “BTC” are available in Latin, Arabic, Hebrew, Cyrillic, Japanese, Hindi, Persian-Arabic, Cyrillic, Tamil, Sinhala, Chinese, and Thai.
• The study combined demographic and search engine data: population data came from Worldometers, and Google’s market share data came from Statcounter. For this study, Google’s market share in all countries was recalculated to 100% to standardize the impact of search engine usage on the data.
• Calculate average search volume per person: Using the data above, calculate the average number of search queries per person for each country. This step is crucial for standardizing the data across different population groups, allowing for comparative analysis of Bitcoin interest regardless of country size.
• Data visualization: Use the visualization tool Datawrapper to categorize the final results and plot them on the Chloropleth map.

The calculations do not take into account the percentage of a country’s population with internet access, as those without internet access are unlikely to be interested in Bitcoin. Africa recently reported an internet penetration rate of 40%, comparable to that of Europe and the United States in 2005. While this percentage is still low, it is rising, and so is Bitcoin adoption.

Data scope and limitations

The BPI index is limited by the lack of data from 77 countries, including China, Iran, Cuba, and 33 African countries (particularly Tanzania, Kenya, and Sudan). This lack of data from key regions results in an incomplete global perspective on Bitcoin participation.

Furthermore, the BPI index is based on third-party estimates because Google does not share specific search query data related to Bitcoin or other cryptocurrencies. VPNs also obfuscate search sources to some extent, but are not expected to have a significant impact on the results.

The data for a few countries is incorrect because “BTC” is the name of a telephone company in the Bahamas, an internet provider in Botswana, and a shopping mall in Slovenia.

The BPI index provides a detailed look at global interest in Bitcoin through Google search queries. While this study uses the best available data, it’s important to note that the BPI is not intended to definitively answer which country has the highest Bitcoin adoption rate. Rather, the BPI is an indicator of general interest and engagement with Bitcoin across different countries.

Data shows that Oceania had the highest BPI score, but Europe performed the strongest, with 41 out of 43 countries showing outstanding results. Furthermore, countries with higher internet penetration rates had stronger search data, thus the data favored these countries.

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