Cryptocurrencies like Bitcoin have seemingly fascinated the modern generation in a massive way. Ironically even after cryptocurrency created much uproar in the markets, it is evident that the general public is not taking much interest in the same nos.
Google searches are the most significant indicator of public sentiment and what the people are talking about and thinking about at the moment. The current Google trends showcase that the searches for cryptocurrency related terms like Bitcoin, Crypto, and Bitcoin have significantly decreased, and numbers are relatively lesser than in 2017.
Gloomy Markets, Uncertain Civic Environment A Reason For Lack Of Public Interest In Crypto
There may be several reasons behind the decreased interest in cryptocurrency, including global disruption due to complete lockdown in the pandemic hit economy. Altogether Bitcoin(BTC) rates have been considerably lower than its highest price for a long time.
Digital Editor at Bloomberg noted that Google searches for the various cryptocurrency-related terms had dropped significantly, highlighting the debilitating hype of crypto in the market.
Public Interest Looms Even When BitCoin Price Soars and Defi Platform Create Waves
The market watchers may be quite flabbergasted because the Bitcoin price increased by 50 percent at the beginning of 2020. Moreover, the DeFi platform has acted as a catalyst to accelerate the growth of value in new digital currencies. Even though the prices of cryptocurrency are rising and more modern innovations happen, the general public seems less interested, as indicated by Google Search Trends.
Institutional and High Worth Investment In Crypto Increasing
In 2020, the reports indicate that there are larger Bitcoin Transactions on the block, further strengthened by several news stories of high worth individuals and companies heavily buying Bitcoin. Several big names are on the list, including hedge fund manager Paul Tudor Jones having BTC and Microstrategy CEO procured a large number of Bitcoins through his company funds. Canadian restaurant Tahini converted its entire assets to cryptocurrency.
Bitcoin Price Hike To Rekindle Google Interest In Crypto
Bitcoin being the most popular and talked about cryptocurrency, experts are vouching that an All-Time High in the Bitcoin valuation can attract the general public to cryptocurrency as it did in 2017. The historical trends show that whenever the spike in the searches is directly related to the increasing bitcoin prices. Google searches for Bitcoin escalated in April 2017 when its price soared to a penultimate high of 1125.