British public’s interest when buying and selling Bitcoin dramatically grew this year
Average investor would have made ￡8k by trading BTC at the right time. Source: pexels.com
If someone followed the British public’s interest when buying and selling Bitcoin this year, they would have made a 27% profit, according to RationalFX research. That’s equivalent to ￡8,602.37 profit on one Bitcoin, or ￡272.80 for someone who originally invested ￡1,000.
The analysis calculated what return someone could expect if they invested in the crypto when internet searches for “buy Bitcoin” were at their highest, and then sold it when searches spiked for “sell Bitcoin”.
Based on daily Google search trends for this year, searches for “buy Bitcoin” compared to “sell Bitcoin” were at their highest on Monday 8 February, when the price of one Bitcoin closed at ￡31,534.21.
This was the date that Tesla announced it had bought $1.5 billion worth of bitcoin, and that it would start accepting it as a payment method for its products.
Then on Wednesday 10 March, searches for “sell bitcoin” were at their highest compared to “buy bitcoin”, when the cryptocurrency closed at ￡40,136.58.
Therefore someone who chose to invest on the first date and sell on the second date would have made a 27% profit. That equates to ￡8,602.37 profit for one full bitcoin, or ￡272.80 if someone had invested ￡1,000.
Interestingly, lucky investors could have made even more money speculating on the cryptocurrency in 2021, if they happened to choose the right dates.
According to data, Bitcoin’s lowest point this year was ￡19,854.28 on Monday 4 January, while it reached its highest price on Thursday 15 April, when it went up to a high of ￡45,698.22.
As a result, if someone had bought and sold on those dates, they would have made a 130% profit of ￡25,843.94 in 3 months. For someone who invested ￡1,000, they would enjoy a profit of ￡1,300.
We’ve reported that 1 in 4 Generation Zers invests in meme crypto.
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