Google Trends searches for bitcoin show significant interest in the crypto-asset even after suffering one of the worst single-day losses in history.
Despite bitcoin dropping briefly to $3600 last week and losing more than 60% of its value over the last month, Google Trends data shows interest investing in cryptocurrency.
Search queries for bitcoin jumped last week, even amidst the market panic and global economic uncertainty generated by the COVID-19 pandemic. Searches for ‘bitcoin’ nearly doubled on Mar. 12 to reach their highest point since June 2019 and remained elevated in the aftermath.
Search interest in 'bitcoin' over the last 30 days | Source: Google Trends
Interest in ‘buy bitcoin’ also saw a substantial spike, and transiently topped queries for ‘buy gold,’ as investors scrambled to find the best opportunity in the volatility.
— f i l ₿ f i l ₿ (@filbfilb) March 16, 2020
Google Trends data shows that ‘buy bitcoin’ has remained higher in the aftermath of last week’s crash than through the month of February and beginning of March.
However, some analysts are questioning whether retail and institutional investors will be able to stomach the market volatility going forward.
Ethereum is down by 34% in the last 5 days. Bitcoin is down 21%. Now imagine anyone actually investing because they thought they could hedge the macro uncertainty. This is devastating pic.twitter.com/VuGZiRROH1
— Larry Cermak (@lawmaster) March 12, 2020
Others, including Gemini CEO Tyler Winklevoss, are pointing to a potential buying opportunity for bitcoin investors.
*This is not investment advice* but it's looking pretty cheap these days. 😎👍🚀
— Tyler Winklevoss (@tylerwinklevoss) March 14, 2020
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