According to Google Trends, interest in Bitcoin has reached historic lows as of June 27. Despite the steady recovery of BTC prices, organic searches related to cryptocurrency have sharply declined in the first half of 2023, even dropping below 2018 levels.
A Twitter user recently shared a screenshot of Google Trends data indicating a significant drop in organic searches related to “Bitcoin” over the past six months. Google Trends is a tool that tracks search terms on Google, and the decline in searches suggests a lack of interest in the world’s most valuable cryptocurrency.
Despite the positive price performance of BTC and other cryptocurrencies, with BTC currently trending near 2023 highs and up approximately 87%, Google Trends data reveals a striking decrease in interest. The downward trend in Bitcoin searches has been prominent throughout the first half of 2023, potentially indicating a correlation between sentiment and prices.
Google Trends data indicates that the disinterest in Bitcoin has been ongoing since the second half of 2022. Although searches temporarily expanded in the first half of last year, they quickly dropped. Interestingly, even during that time, the search volumes for Bitcoin were lower than the record highs seen in 2021.
The relationship between sentiment and prices becomes evident in the past 19 months. BTC prices peaked above $69,000 in November 2021, accompanied by a surge in Bitcoin searches. Conversely, as prices retreated from their all-time highs, dropping over 70% to sub-$16,000 in November 2022, interest in Bitcoin also declined.
The current divergence between Google Trends data on Bitcoin and rising prices raises questions about the factors behind this trend. One possible explanation is the increasing regulatory scrutiny surrounding Bitcoin and cryptocurrencies globally, including actions taken by regulatory bodies such as the US Securities and Exchange Commission (SEC).
While the SEC has clarified that Bitcoin is classified as a commodity, their actions against popular exchanges like Coinbase and Binance may have influenced sentiment and diminished user interest in the cryptocurrency.
As Bitcoin prices continue to rise, interest in the cryptocurrency, as indicated by Google Trends data, is dwindling. The decline in searches can be attributed to factors such as regulatory scrutiny and market fluctuations
