Statistics from Google search trends show a high level of interest in cryptocurrency from retail investors, with search interest reaching an all-time high (ATH) globally.
Retail Interest in Crypto Skyrockets
According to a tweet on Wednesday (May 19, 2021), a graph showed that more people were searching for the word cryptocurrency, with search interest surpassing the peak reached in late 2017 and early 2018.
Meanwhile, different search queries as revealed by Google Trends saw a significant increase. Searches like “what happened to cryptocurrency yesterday” spiked over 850 percent globally. Also, there was a rising interest in bitcoin’s energy use, with “how does bitcoin use energy” on Google skyrocketing over 1000 percent.
There were also queries about energy-efficient and environmentally friendly crypto, which became “breakout searches” in the U.S. As reported by BTCManager earlier in May, Tesla’s CEO, Elon Musk, said that the electric vehicle manufacturer was suspending bitcoin payment for its vehicles.
Musk said that he was concerned about the high use of non-renewable energy used in bitcoin mining. However, bitcoin maximalists tried to debunk his claim. Meanwhile, the price of bitcoin dropped within a few minutes of the announcement.
The cryptocurrency market experienced a massive bloodbath in token prices over the past one week, losing over $800 billion within the period. Furthermore, the recent development in the crypto market has caused fear among retail investors.
Search interest for “should I sell my crypto” rose over 400 percent in the past day in the U.S. alone. Bitcoin dipped over 30 percent in the last eight days, with altcoins also suffering major losses. According to recent data, Bitcoin Fear and Greed Index is at 11, indicating extreme fear. The cryptocurrency market, however, is beginning to recover, with bitcoin trading over $42,000.
Meanwhile, amid the current interest in crypto, critics like Paul Krugman, said that bitcoin was a cult that was going to be around for a long time. Krugman, a recipient of the Nobel Memorial Prize in Economic Sciences in 2008, has always predicted BTC’s demise. But it seems the flagship crypto has refused to die, causing Krugman to give up, saying:
“But I’ve given up predicting imminent demise. There always seem to be a new crop of believers. Maybe just think of it as a cult that can survive indefinitely.”
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