CONCERNS about cryptocurrency scams have been raised, as recent Google searches for Bitcoin skyrocketed.

Global Google searches for the cryptocurrency Bitcoin surged 223%, as of 2pm on Monday, August 5, compared to last week. 

On average, Bitcoin is searched for via Google 13 million times monthly. However, following the current crypto crash, one of the worst since 2022, searches for the cryptocurrency have accelerated within the last week.

According to an analysis conducted by Crypto-onramp platform Instaxchange, searches for ‘Buy crypto’ jumped 106%, whilst searches for ‘Sell crypto’ surged 177% above average worldwide on Monday. These increased searches sparked concerns about online scams with some experts and influencers.

These concerns have been raised in the county previously. Last year, Gloucestershire Police warned residents about cryptocurrency scams “after a person was conned into transferring over £150,000 to fraudsters.” 

Gloucestershire residents who may wish to get involved with cryptocurrency during this search spike are advised by Action Fraud to be wary of adverts online, or social media, promising high returns on investments, and not to be rushed into making an investment. 

Others have raised concerns about their assets during a time of a volatile market. A spokesperson for Instaxchange.com said: “A crash in the market is nothing new to cryptocurrency traders, but it can prove an uncertain time with many unsure whether to leave their assets or sell.  

“If you are worried about your assets, the best thing to do is consult an experienced financial advisor who is well-versed in the cryptocurrency world. 

“It is most important that you do not panic sell or buy as you may be worse off if you do so. The market can fluctuate, and it is key for you to remain calm and level-headed amid crashes.”

More information about cryptocurrency fraud can be found via the Action Fraud website.