Bitcoin rally boosts searches for crypto debit cards

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Bitcoin rally boosts searches for crypto debit cards

Bitcoin accounts for 60% of the cryptocurrency market by value. Photo: Crypto Parrot

Bitcoin accounts for 60% of the cryptocurrency market by value. Photo: Crypto Parrot

Bitcoin’s (BTC-USD) recent rally seems to have coincided with an increased interest in crypto debit cards, new data has revealed.

Crypto Parrot, a cryptocurrency trading platform, said global interest in the keyword “crypto debit card” increased 194% in the last 12 months on Google (GOOG) Search, with interest peaking in February 2021. The term had a popularity score of 100, compared with a score of 34 in February last year.

Bitcoin, which accounts for 60% of the cryptocurrency market by value, has risen over 400% since the start of October and recently reached a new all-time record above $58,000 (£40,991).

Bitcoin was trading at $50,591 at 1145am London time.

News that Square (SQ), the payments business run by Twitter cofounder Jack Dorsey, had invested another $170m in the cryptocurrency helped to stabilise the price and reverse earlier losses

READ MORE: Bitcoin recovers to $50,000 as Jack Dorsey’s Square invests $170m

The interest in crypto debit cards points to increasing adoption of digital assets globally, Crypto Parrot said.

Visa (V) and Mastercard (MA) are getting involved in crypto payment systems through debit cards. PayPal (PYPL) and BNY Mellon (BK) have announced plans to handle bitcoin on behalf of clients.

At the same time, more merchants are adding digital currencies to payment methods.

Meanwhile there is increased institutional and retail investor interest. Square and Tesla (TSLA) have invested some of their assets into bitcoin.

“As the cryptocurrency sector matures, debit cards are gaining popularity while helping push for mainstream adoption of digital assets. Consequently, interest in crypto debit cards has been growing in recent months,” the report said. Crypto debit cards enable consumers to pay using cryptocurrency at any store that accepts debit cards

In terms of countries, Nigeria lead with a peak score of 100 while Australia ranks second with 45. Interest from the US came in at 39 to rank fifth and the UK followed with a score of 36.

A value of 100 indicates peak popularity for the term.

“Like the cryptocurrency markets themselves, interest in crypto cards has largely mirrored the growth in volume and valuation of cryptocurrencies as a whole,” the report added.

Currently, the sector has experienced a significant rally led by bitcoin hitting a new record price, the report noted. The last highest score was 58 in January 2018, a month after bitcoin registered a $20,000 all-time high.

However, it warned regulation will still be a hurdle when it comes to adoption.

“Being a recent phenomenon, it is likely that not all countries will allow their use easily,” the report said.

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