Interest in bitcoin is starting to pick up again, but this time retail is also looking for something more unconventional. The number of Google queries for “Bitcoin is dead” has reached a new high amid the ongoing market crash.
Bitcoin and the Bitcoin Dead Search on the Rise
Google searches are usually a good indicator of what retail investors are looking for. They begin to discover hot assets, which was evident from last year’s NFT craze, before the DeFi summer, and can often be seen with bitcoin.
For example, when the cryptocurrency is experiencing highly volatile price movements, more retail investors flock to the scene and vice versa. As such, Google queries were missing over the past several months, but returned last week when the asset dropped over $10,000 to an 18-month low of $17,500 on this time frame.
Google searches for “Bitcoin” exploded and hit a 13-month high. Interestingly, the most questions came from El Salvador – the first country to legalize BTC, followed by Nigeria, Austria, the Netherlands and Switzerland.
But this time, it was a little different. People were also looking for “Bitcoin is dead” to indicate that they were largely affected by the crash. Such searches reached the second all-time high, only after the BTC price drop in late 2017/early 2018.
die hundreds of times
For its relatively short life of just over a dozen years, bitcoin has attracted the attention of many no-sayers who have declared it dead multiple times. In fact, 455 times to be exact, according to a particular website designed to track such announcements.
So far, however, none of them have turned out to be accurate as BTC has overcome all odds and, whether it has taken weeks, months or years, swing back.
The latest example of someone (very familiar) calling bitcoin dead came on June 18 when full-time haters, critics, skeptics, and everything in between – Peter Schiff – said the following:
long term bitcoin #holder Not worried as they have gone through a 73% drop before. But the previous losses didn’t include anywhere near the total market cap lost during this decline, nor did they include massive leverage. This crash is just getting started. #bitcoin will not fix.
— Peter Schiff (@PeterSchiff) 18 June 2022
In all the past 454 times, people got it wrong when they said something similar, so it’s only a matter of time to see if Schiff will finally be able to get it right (after being proven wrong several times in the past).
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