Google, a leading indicator used to track the popularity of Bitcoin (BTC) and other cryptocurrencies, celebrated its 23rd anniversary on Monday.
The search engine was founded by Larry Page and Sergey Brin when they were students at Stanford University, and it has used most of its 23-year existence as one of the internet’s most important entry points.
Since the advent of cryptocurrencies, Google has become the primary way to find new coins, track market trends, and explore ways to buy cryptocurrencies.
Since web search statistics are a great way to track user behavior, Google Trends has become a reliable source for getting near-real-time insights into users’ interests. Traders use a tool that analyzes the popularity of searches over a certain period of time to identify new patterns.
First coin offerings, or ICOs, decentralized finance or DeFi and non-financial tokens, or NFTs, saw an increase in Google Trends before they hit the mainstream of the crypto ecosystem.
A quick search for bitcoin reveals that the interest of internet users roughly matches the price volatility of the largest cryptocurrency. A similar coincidence can be seen on the Dogecoin (DOGE) charts.
Related: Google partners with NFT leader Dapper Labs to support Flow blockchain
Aside from neutral statistics, Google’s attitude towards cryptocurrencies mimics the prevailing perception. In March 2018, after the popular initial coin offering boom, Google banned crypto-related ads on the platform by updating its Financial Services Guidelines.
Since then, the search giant has raised the issue and announced that crypto ads from regulated entities can be sold again. While the company still does not allow DeFi ads or crypto-related celebrity endorsements, Financial Crime Network registered advertisers can advertise cryptocurrency exchange and wallet services.