Google data shows that searches for "buy Bitcoin" are rising

Perhaps because the US presidential election is becoming increasingly stalemate or affected by other factors, data from Google, the world's largest information search platform, shows that the number of searches for "buy Bitcoin" continues to rise.

While the exact factors behind the growing interest in Bitcoin have yet to be determined, Google Analytics data shows that the current interest index is 87, with the index reaching a peak of 100 between June 12 and 18.

In June this year, the price of Bitcoin once reached $770. According to Google data since October 22, whether the price of Bitcoin will continue to rise at this rate and return to the top earlier this year will depend on one or more of the following factors.

Trump, Clinton, and Bitcoin

The results of today's (November 8) US election could be a factor. In a July study, the analysis and research company Juniper pointed out that if Republican candidate Donald Trump is elected, global markets will be turbulent and the price of Bitcoin will rise in the future. According to each poll result, Trump's popularity is rising, and the global market is ready for it, but this is not the case with Democratic candidate Hillary Clinton.

Investors see a Clinton victory as more likely after the FBI cleared her of any wrongdoing, pushing the S&P 500 up 3%. In contrast, a Trump victory would mean a sell-off in U.S. stocks that analysts see as more severe than the Brexit sell-off in June, when the S&P 500 fell 5.3% in two days.

China's capital continues to flee

The latest official data showed that China's foreign exchange reserves fell by $45.7 billion in October to $3.12 trillion. Goldman Sachs believes that China's foreign exchange reserves may have lost $78 billion in September.

Since the end of September, the yuan has fallen 1.6% against the dollar, despite the Chinese government's strict control of the currency's trading range, and that trend is likely to continue.

Segregated Witness Release

Llew Claasen, executive director of the Bitcoin Foundation, believes that the digital currency will have a better future with more than 60 days left in 2016. In 15 days, miners will respond to the Segregated Witness solution and this innovative expansion technology will be released.

Unpredictable factors

There are also unpredictable events that occur over time. Any market will encounter unpredictable events from time to time, but some of them can be avoided.

For example, when the price of Bitcoin reached $745 last week, it subsequently fell below $700 due to some unpredictable factors, including rumors that China plans to crack down on capital flight using Bitcoin.

Nikolaus Kangas, CEO of LocalBitcoins, said that as long as the price goes up, more people will be interested in Bitcoin. Therefore, whenever the price of Bitcoin suddenly soars, new people will rush in.