According to Google Trends data, Bitcoin-related search queries showed an upward trend last week.
Rising search volumes suggest that Bitcoin continues to hold its value in the crypto industry in the wake of falling prices of cryptocurrencies. Rising Interest in Bitcoin triggers positive hops in digital markets.
During last week, many tweets clearly highlight that the Google search queries ‘buy gold’ and ‘buy Bitcoin’ are rising. Further, investors showed more interest in taking up positions in Bitcoin than that in gold. When compared with that in either February or March, the trends data of last week points towards rising interests of markets in Bitcoin.
Dropping Price of Cryptocurrency Can’t Totally Evade Bitcoin Users
Cryptocurrency markets have seen a significant drop in their prices in the wake of ongoing sell-off in cryptocurrency. This downward trend compelled many analysts to think about how investors could return to Bitcoin.
Larry Cermak Tweeted
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
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
Earlier, the cryptocurrency industry has witnessed billions of dollars flowing out and the entire value proposition of Bitcoin has been under critics. The fallout of the crash has left a market gripped by “extreme fear.” Even the likes of Tyler Winklevoss has questioned the notion of Bitcoin as a “digital gold.” Previously, he has been one of the vocal supporters of Bitcoin.
Owing to the surge in prices, some analysts suggest that a fixed supply digital asset is now more important than ever:
The Federal Reserve just printed 8 times the Bitcoin market cap worth of dirty FIAT.
I'd say things are rather obvious by now.
— hodlonaut🌮⚡🔑 (@hodlonaut) March 16, 2020
However, Google trend Data has opened a new debate and provided further impetus to the rising interest in taking up positions in Bitcoin.
Building Trust in Digital Assets May Take Time
According to the Guardian, the Federal Reserve and Bank of England just slashed interest rates in an effort to stimulate growth following market downturns. Similarly, massive liquidity injections also add more attraction to an asset with a known total supply.
Seeing a recession in traditional markets last week, Bitcoin might have failed as a safe haven today. But, those that continue to hold the digital currency held a strong belief in seeking a safe haven for Bitcoin one day in the future. Building trust in an entirely new asset class is not an easy task which may take several years but it would get realized one day.