Despite prices near all-time highs, interest in Bitcoin appears to be waning, according to Google search data. This decline in searches for the term “Bitcoin”, to the lowest since 2020, could reflect a shift in the attention of investors and the general public towards other assets.
Google Searches Show Disinterest in Bitcoin
During the Covid-19 crisis, financial markets rose sharply, also leading to an increase in the price of Bitcoin and cryptocurrencies. A year later, BTC crossed the $50,000 mark for the first time, before reaching $69,000 in November 2021. However, since then, its price has fallen by 77%, even falling below 16,000. dollars.
Despite the rise recorded in 2023, which allowed BTC to reach a new all-time high at $73,750, general public interest does not seem to have returned. Some investors believe that attention is now shifting to other assets, such as stocks that have performed well for several years or other cryptocurrencies.
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This phenomenon can be observed through Google search data. These show that searches for the word “Bitcoin” are at their lowest since October 2020, a period when the price of BTC was below $15,000.
Evolution of interest in searching for the word “Bitcoin”
Indeed, Google searches for Bitcoin are almost at their lowest, with a score of 14 according to the Google Indexwhile the price of Bitcoin is only 12% below its all-time high.
However, this situation could be favorable for the future of the Bitcoin price. Indeed, if the interest of the general public returns, this could contribute to an increase in the value of BTC and allow it to visit new heights.
However, what is generally observed in most financial markets is that mainstream interest often arises after a price increase and continues to grow as the price peaks. It is for this reason and the FOMO effect that the majority of beginner investors end up suffering losses.
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Are other cryptocurrencies more attractive than Bitcoin?
One might think that interest in Bitcoin is surpassed by that in other cryptocurrencies, such as Ether or Solana. However, we see that even searches for “Ethereum” are also low and have returned to 2020 levelsjust like for Bitcoin.
Evolution of interest in searching for the words “Ethereum” (yellow), “Cryptocurrency” (green) and “memecoin” (red)
We could also imagine that the generic term “cryptocurrencies” would generate more searches. However, although it is more sought after than Ethereum, it remains below Bitcoin and also hits its all-time lows.
Even the term “memecoin,” which gets a lot of attention within the cryptocurrency community, doesn’t compete with other searches. Although searches for this word are currently at an all-time high, scoring 79 on the indicator, they remain almost invisible against Bitcoin, the indicator showing searches below 1.
This data clearly shows that Bitcoin continues to dominate mainstream interest. Indeed, the issues around BTC go far beyond the simple creation of supposedly decentralized applications or tokens based on internet memes.
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Source: Google Trends
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First attracted by the lure of gain, I am now trapped deep into the rabbit hole. With no way out, I just have to share my knowledge and convey the passion I have for Bitcoin. I am also the creator of Adopt a Block, an educational site dedicated to Bitcoin.
Marius Farashi Tasooji
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