Bitcoin search queries dropped dramatically since December 2017, time to panic or celebrate?
|- Tuur Demeester says people are not interesed in Bitcoin anymore
- This may be a good sign for the industry, experts believe.
As the cryptocurrency market slipped into lethargy, the interest in Bitcoin and other digital assets receded in a significant way. The number of "Bitcoin" search queries dropped 93% since the peak interest registered in December 2017, according to Google Trends data, gathered by Tuur Demeester, founder of Founder Adamant Capital.
"Google searches for "Bitcoin" lowest since May 2017 - down 93% since Dec ATH," the expert commented.
In August, Demeester published an article saying that the cryptocurrency market would hardly reach new record highs this year, since that time, the number search queries for Bitcoin decreased by 30%.
He mentioned lack of interest from systemic institutions like pension funds and mutual funds, faded away retail interest and reduced revenue on Bitcoin transactions as the main reasons for his pessimistic forecast.
Search queries for "buy Bitcoin" phrase crashed to the lowest level since April 2017.
Meanwhile, some crypto experts see the glass half full, claiming that the reduced volatility and lower interest from "quick buck" hunters is a good thing for the industry and a pre-condition for the adoption by traditional portfolio managers.
“The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the cryptoassets is an extremely positive sign,” according to Mati Greenspan, a senior market analyst at eToro.
“This is a prime example of how cryptos are uncorrelated, and it only serves to increase their use case as a powerful tool for asset management,” he added.
BTC/USD is changing hands at $6,386 at the time of writing. All altcoins are in red with NEO losing 3.5% in recent 24 hours.
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