Since early 2018, Bitcoin searches have fallen by 75% while new Bitcoin wallets decreased by 50%.
The world’s population is just not that interested in Bitcoin anymore? Could that be? After an astronomical year end, CNBC has reported that research published by Google trends reveals that web searches for the word “bitcoin” has decreased by 75% since the start of 2018.
As Bitcoin continues to drop in valuation (a decrease of 40% from its all time high), the direct searches linked to “bitcoin prices” have also dropped by 50% according Nicholas Colas, co-founder of Datatrek Research and Wall Street Bitcoin analyst. In an email to his clients, Colas adds that, “[Bitcoin] needs a new narrative in order to reestablish global attention.”
It’s not surprising that when the valuation of a Bitcoin decreases, the world begins to move on, but does this mean that Bitcoin is doomed? Google Trends analyzes search engine entries and measures the popularity of those terms. Using metrics, Google Trends assigns a value of 100. January 17th, 2018 was the peak for Bitcoin. Over the last few months, the value has dropped, now sitting at a rank of 10.
Nicholas has also been cited for mentioning that a decrease in newly created Bitcoin wallets has similarly been discovered due to the decrease in popularity. The growth in the number of new wallets in 2018 so far was only 3.7%, while in late 2017 it compounded 7.6% monthly. “Bitcoin wallet growth needs to be +5 percent/month to see meaningful price appreciation,” Colas concluded.