Interest in the subject “cryptocurrencies” plummeted on Google in the United States. It is worth noting that the pair trading Bitcoin in dollars is the one with the most daily volume, that is, a drop in demand in the US could lead to declines around the world.
Considering Google Trends data, the level of searches for “Bitcoin” is already the lowest in 2021 in the United States. This, which is the main cryptocurrency, holds 44% of the total market value, thus indicating that investors are moving away from the subject now.
Portfolio Manager at Toroso Asset, Michael Gayed is a fan of investing in gold and lumber. Seeking to anticipate sudden market declines, he usually observes the price of wood and gold.
Through Twitter, the analyst ended up sharing his views on another subject, which are cryptocurrencies. For Michael, citing a study, cryptocurrencies no longer attract interest from investors, as Google searches for the term have dropped significantly in recent days.
Despite the lack of interest in cryptocurrencies, investors continue to have an appetite for risk, increasing their search for risky investment terms, a study by Arbor Data Science said.
In terms of google search terms, US investors have swapped out ‘cryptocurrency’ for equally risky alternatives such as ‘call option’ and ‘bull spread’ in recent weeks #bitcoin #investing pic.twitter.com/B1AOTq3XFQ
— Michael A. Gayed, CFA (@leadlagreport) June 29, 2021
Search by Bitcoin in the United States is already the smallest of 2021
Recognized as one of the most used search engines in the world, Google presents an unpromising scenario for Bitcoin searches.
This is because, with the decreasing value in searches for Bitcoin, according to data from Google Trends, interest in the United States is already the lowest in 2021.
In the last 12 months, worldwide, the situation is similar, Bitcoin registering the least interest in Google searches this week, indicating that the market is not uninterested in this subject.
It is worth noting that the biggest point of interest for Internet users in the year was precisely between May 16 and 22, a time that coincides with the biggest drop in Bitcoin price in 2021. The percentage of Bitcoin dominance in the market even dropped the 40% level in this period.
In May of this year, the weekly volume of Google searches for the topic “cryptocurrency” reached its highest level both in the US and worldwide, according to data from Google Trends.
Search volume soared during the week between the 9th and 15th of May, when the price of bitcoin (BTC) was still nearly surpassing $50,000.
A topic on Google Trends includes related search terms, meaning this volume indicates a greater interest in the crypto industry than just a specific word. In fact, the search volume for the word “cryptocurrency” is much lower than it was in 2017.
Google Trends and cryptocurrencies moving TV and twitter
On May 8, Elon Musk, CEO of Tesla, appeared on the American comedy show Saturday Night Live (SNL), joking that he would give cryptocurrency to his mother as a Mother’s Day gift — coinciding with a record in Google Trends searches for “dogecoin”.
Maye Musk.: “I’m excited about my Mother’s Day gift. I just hope it’s not dogecoin,” she says. Musk responds: “It Is.”
This was a few days before Musk announced on his Twitter that Tesla would no longer accept bitcoin in payments for electric vehicles because of environmental concerns.
Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Google Trends Twitter account highlighted that searches for the phrase “Should I sell my crypto?” soared 400% in the US shortly thereafter, as the price of most cryptocurrencies plummeted.
— GoogleTrends (@GoogleTrends) May 19, 2021