Google searches for the term “Bitcoin” in Argentina have skyrocketed in recent months, according to data from the search giant.
Google Trends is a tool from the search giant that shows interest in a particular term, phrase or word in the chosen region. The value 100 represents the “peak of popularity”.
With Argentina's fragile economy suffering from the depreciation of the local currency, excessive debt growth, inflation and economic contraction, widespread unemployment and limited jobs for young people - interest in Bitcoin has blossomed as a hope in the face of the financial difficulties of the population.
The data suggest that Argentines are Bitcoin connoisseurs. A Paxful survey last year found that more than 73% of test participants in the country considered Bitcoin to be an effective protection against the harmful effects of inflation - a sentiment that is now increasingly shared by technology companies CEOs and hedge funds.
As such, the devaluation of the Argentine peso meant that Bitcoin surpassed its highest Argentine record long before its record for the U.S. dollar. Weights have lost more than 50% of their value in relation to this over the past three years.
In the meantime, it is not just Argentines who join the Bitcoin movement. Google's trend results show similar numbers for several other countries experiencing their own economic crises, such as Nigeria, South Africa and Ghana.