As Bitcoin-related Internet search statistics show, the world’s interest in this digital currency is declining. Experts say that if we ignore price fluctuations in data related to Internet searches, the most influential factor in changing consumer behavior may be attracting them to new areas such as Chinese block games, DeFi and NFT tokens.
According to the Quinn Desk, the price of bitcoin rose to $ 69,000 last year and has fluctuated above $ 40,000 in most cases since early 2022. According to Google search engine statistics, the presentation of prices in the new year was not very attractive for small investors.
Bitcoin Internet searches around the world returned to mid-2020 levels this month, at 17 percent in the seven days between April 17 and 23 (April 28 – May 3). As this index was at 76% in May 2021 (May 1400), it can be said that the popularity of Bitcoin Internet users has decreased significantly during this period.
Google Trends is one of Google’s tools that can be used to track fluctuations in the search volume of various keywords. It cannot be said that during all this time the number of internet searches related to bitcoin has been decreasing; In fact, the decline in the Google Trends index shows that the popularity of bitcoin during this period, compared to previous periods, is slightly lower.
According to Google statistics, most bitcoin searches are currently from Nigeria, El Salvador and Austria. These statistics are comparable to other keywords searched in these areas. This means that Nigerians, for example, search for bitcoin more than any other keyword on the Internet; But it goes without saying that their number of searches is greater than the number of searches of the American people.
Although public interest in bitcoin has waned in appearance, some analysts believe that small investors are entering newer segments of the digital currency space; Sections such as defense-related tokens active in defense and newer top-level networks such as Solana and Olench.
Johnny Liu, CEO of the Coca-Cola Digital Currency Exchange, said:
Bitcoin prices [در طول تاریخ] It has jumped many times and at the same time the investment threshold of new consumers has increased. During this time, however, new digital currencies, known as alcoholic ones, emerged. [برخی از] Consumers investing in these tokens may be more attractive.
Liu says the rapid emergence and popularity of memes has also reduced investors’ attention to bitcoin compared to previous years.
Egor Volotkovic, CEO of EVODeFi Intermediate Protocol, shared a similar view, saying that decentralized finance, proverbial tokens and blockchain games are areas that are now attracting more and more attention from investors.
Small investors are more likely to follow the innovations of the digital currency industry, and if we ignore the decline in bitcoin prices over the past two years, this change in investor behavior justifies the decline in bitcoin demand.
Vasya Zupan, CEO of Matrix Digital Currency Exchange, believes that Internet search statistics cannot reflect the behavior of large corporate investors.
Google Trends statistics do not reflect the behavior of corporate and professional investors, and I believe that the current price situation is more indicative of the interest and entry of large corporate investors than small retailers. With the rise of bitcoin, we will see that the influence of micro-investors is diminishing and the role of organizational investors is becoming more pronounced; Of course, except in periods when upward price trends are at their peak.
Big companies like Micro Strategy and Tesla have bought billions of dollars in bitcoins over the years; Something similar has not been observed in previous uptrend cycles, such as 2018.
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