Bitcoin crash causes searches to break records

Bitcoin’s recent crash seems to grab people’s attention. According to Google Trends data, we are in the period with the highest number of searches for the term “Bitcoin” in the past 12 months, both in Brazil and worldwide.

While it is difficult to estimate the reasons for the polls, it is interesting to note that several critics have returned to Bitcoin this month. Among them, Nassim Taleb, Jorge Stolfi and Peter Schiff complete the team of “haters”.

However, the drop may also attract investors who were waiting for the best moment to collect more satoshis. Some of them even celebrated what was a cause for sadness for those who bought BTC at the top.

Price Drops, Bitcoin Searches Explode

While Bitcoin was prominent in 2021 for hitting $69,000 after Coinbase’s IPO and Tesla’s multi-billion dollar purchases of Elon Musk and Michael Saylor’s MicroStrategy, 2022 is a little different.

Dropping 70% from its all-time high, and 35% in June alone, Bitcoin has once again attracted the attention of critics, investors, and even lawmakers looking for ways to regulate the cryptocurrency market.

As a result, searches for the term “Bitcoin” have broken records in recent weeks. According to data from Google Trends, we are in the period with the highest number of searches in the past 12 months.

At its peak, El Salvador, the country that legalized Bitcoin last year, continues to lead in popularity, followed by the Netherlands and Nigeria. Brazil appears in 26th place.

Although the reasons vary the most, two groups can have a big influence on this record. The first of these are the critics, who only appear when Bitcoin falls, the second are investors who take advantage of the moment to accumulate more satoshis in their wallets.

Bitcoin dead?

Although it has lost 70% of its value in the past seven months, Bitcoin is still the 20th largest asset in the world. With a market value of 2 trillion reais, BTC remains tied to companies like Visa and NVIDIA, and is also bigger than other giants like ExxonMobil, Walmart and JPMorgan.

So while skeptics hate it, Bitcoin lives as it has always been, recording transactions on newly created blocks, as it has since its inception in 2009. As for price, there have been bigger corrections in the past, which is not the case no longer deter investors.