As reported by BitcoinNews.com earlier, global online search interest for Bitcoin has been rising incrementally since the turn of the year. But now, with Bitcoin peaking to hit consecutive new heights this year, Google Trends data is suggesting that a new phase of “Bitcoin to the moon” could be in the sights.
Bitcoin has already set a milestone back in May when it hit its highest interest levels on Google since February 2018, when Bitcoin’s year-long decline began. By June, even with price flagging, the world’s most popular crypto had even become more popular than President Trump and the Kardashians. Some say this popularity is what prompted Google to tweak its search engine algorithm, causing Bitcoin media sites like CCN.com to announce their shutdown (it did prove to be a premature call in the end).
But now, the same CCN.com is saying that with Bitcoin interest rated at 12 (out of a possible 100), the level of retail interest today is a far cry from the 100 rating it achieved in 2017, with virtually every economy in the world reporting about Bitcoin’s incredible run, prompting major FOMO and people desperately buying their share of coin.
The following decline, conversely, led to despair among the masses and a sharp drop in interest.
Grayscale’s comments also backed up this theory, that retail investors were still out of the game:
“Institutional investors comprised the highest percentage of total demand for Grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%). As we have mentioned in previous reports, many institutional investors may view the current drawdown as an attractive entry point to add to their core positions in digital assets.”
Lest we forget, it was pretty much retail investors who drove the price upwards in the last bull run, and they may very well be the same ones doing it to Bitcoin again this time… as soon as they finally decide the time is right.
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