While Bitcoin recorded a rise at the start of the weekend which allowed it to cross the symbolic threshold of $10,000, the general public does not yet seem very sensitive to this variation. Statistics published by the Google search engine (via its Google Trends tool) show that the number of queries remains well below the all-time high of the end of 2017.
Volume has fallen 85% since the peak in 2017
Looking first at the global level (chart below), the popularity of the term “Bitcoin” on Google is still down 85% from its all-time high in December 2017. If the price of the famous electronic currency peaked at $20,000 at that time, the increase in interest from the general public had already been made in the previous months. It is likely that the heavy correction of the cryptocurrency market in 2018 (where certain currencies lost more than 90% of their value) dampened the enthusiasm of the general public.
Less correlation since the beginning of 2019?
While the popularity of the word “Bitcoin” on Google has so far been quite correlated with the evolution of the price of the cryptocurrency, it seems that it has been a little less so since the beginning of 2019. If For example, if we look at the graph below which illustrates the popularity of Bitcoin on Google in the last twelve months, we see that interest has been stable since the beginning of 2019 – and slightly increasing over the last two month. Over the same period, the price of Bitcoin went from $3,700 to $10,700, an increase… of 190%!
While Facebook’s cryptocurrency, Libra, has been a hot topic since it became official last Tuesday, it doesn’t seem to have sustained the search volume for the term “Bitcoin” on Google. However, it probably contributed to the recent rise of the first cryptocurrency, since Bitcoin was still trading around $9,000 at the start of the week…
What about France?
In France too, search volumes for the term “Bitcoin” have remained fairly stable over the past year. Admittedly, the level observed in recent weeks is the highest of the period (the previous record dates back to last November, when the cryptocurrency fell heavily), but it is not significantly higher than at the start of the year. . Île de France and Alsace are the two regions with the highest number of requests.