Explaining the Relationship Between Bitcoin Price in Business Financial Transactions and Search Volume in Order to Identify its Behavioral Pattern: A Comparative Study Between Countries

Abstract

Nowadays, Bitcoin is one of the most important cryptocurrencies that has the largest volume of exchanges in the cryptocurrency market and between businesses. The feature of the possibility of online payments between individuals and businesses directly and without referring to the financial institution has made the price of these cryptocurrencies important for businesses and traders and the basis for decision making. Therefore, the issue of price predictability is an important issue that can be affected by search volume. The purpose of this research is studying and investigating the relationship between the volume of Internet searches and its effect on the price of these cryptocurrencies. In addition, another goal of this article is to introduce Google Trends (GT) as a tool for accessing big data for business researches. The required data was extracted from Google Trends in the period 2016 to 2021. The volume of data was 5742 and the whole statistical population was used. The research method is descriptive-exploratory with the aim of explaining the relationship between "Google search volume index" and "bitcoin price". Data were analyzed using Spearman correlation test. Findings indicate a strong and very strong relationship between the studied indicators, which is explained.

Keywords

• "cryptocurrency"
• "bitcoin"
• "google trends
• google search volume index (gsvi)"
• "correlation"