Bitcoin (BTC) benefiting from the Iran crunch has captured the imagination of net users worldwide, with its Google search popularity up almost 5,000%.

According to data from Google Trends, the search term "Bitcoin Iran" surged four,450% in the 7 days to Jan. 8.

Bitcoin search popularity follows toll

The term "Bitcoin" itself also saw a significant uptick around the globe, reaching a normalized score of 100 on Wednesday versus xl a calendar week ago.

Nigeria topped the list for both terms' nigh frequent state of origin. Canada, Singapore and the United States also generated significant involvement for "Bitcoin Iran."

7-day search data for

7-day search data for "Bitcoin Iran." Source: Google Trends

The figures come up as Bitcoin continues to make pregnant price advances, with weekly gains currently topping fifteen%. Commentators immediately began attributing the performance to events in Islamic republic of iran, arguing geopolitical instability tends to produce price rises.

"Selling the narrative"

Others were less convinced, challenge the connectedness was, in fact, a fictional narrative that could even so become a cocky-fulfilling prophecy as it went mainstream.

Su Zhu, CEO at Three Arrows Capital, highlighted an commodity in Nikkei Asian Review as proof non-crypto sources were buying into the thought.

The publication claimed Islamic republic of iran was "triggering a surge in cryptocurrencies." A tweet read:

"Gratis from land interference or geopolitical risk, #cryptocurrencies get 'digital gold' amid rising #Iran tensions."

The commodity conversely quoted an commutation source who poured cold water on the idea.

"For Bitcoin, though, investors feel they tin can safely put a portion of their funds into information technology and concur it for the longer term without having to worry about whatever reversion to a mean, as it is not inherently linked to U.S.-Iran tensions," Sheel Kohli, main marketing officer at AAX said.

As Cointelegraph reported, search action around Bitcoin began gaining momentum belatedly terminal year. In Dec, information technology was another topic, "Bitcoin halving," which began turning heads.

Last calendar week, reports emerged of Bitcoin trading at a giant premium in Iran, with a unmarried coin worth $24,000 co-ordinate to the so-called "official" rial exchange charge per unit. In reality, as sources noted, such a charge per unit is all but fictional given its value compared to the ubiquitous black market place.