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People Want to ‘Buy Bitcoin’ and Not Sell, Internet Data Shows
Trevor Smith · @trevorcrypto | Mar 21, 2020 | 10:30
Searches for “Bitcoin” have jumped considerably over the past thirty days, according to the Baidu Data Index. Such interest coincides with other indications that investors increasingly view the present market condition as a chance to pick up Bitcoin at a steep discount.
Bitcoin Buyers See Clear Opportunity
Shenliancaijing has issued a report (Chinese) showing that Bitcoin inquiries are up 183% on Baidu over the past thirty days. Such interest is not surprising given the current turmoil across the global economic landscape.
Bitcoin searches are also markedly up on Google. Over the past three weeks, it has jumped in rank from 29 to 57 as a search term on Google Trends. The flagship cryptocurrency last experienced this level of interest in June, when its price was reaching a yearly high.
As with its market value, public interest in Bitcoin is extremely volatile. It generally moves up when prices increase. In this case, the public is clearly exploring the chance to buy while the price is low. A Redditor posting to r/bitcoin has just posted another Google Trends comparison demonstrating much stronger interest in purchasing Bitcoin than selling it.
Growing Interest in BTC May Not Extend To Altcoin
Whereas the altcoin and Bitcoin markets remain closely linked, such may not be the present case with consumer interest. For example, searches for terms such as “Ethereum” and “Ripple” have not increased as of late.
Regardless of where the public stands on cryptocurrency, at the moment all commodity markets are in chaos as the global economy reels from the COVID-19 outbreak. Although the past few days have seen Bitcoin regain some of its loss from last week, it is far too early to know if this brief recovery will last.
If interest to buy at a discount is growing, so too is the number of Bitcoin holders that need quick cash to pay their bills. Work stoppages are creating financial stresses unseen in the modern era, and the trend to liquidate crypto assets for paper money will likely not end soon. In other words, people must get back to work for the market to resume a sense of normalcy.
There is little question that those with money to invest will come out on top in the long-term. Search engine data is far from the only indicator of an impending market recovery. Blockchain development and adoption continue to press ahead, as does interest from institutional investors. Thus, it is not surprising that those with spare assets are preparing to take advantage of this very unique market opportunity.
Are you buying or selling bitcoin? Let us know in the comments below.
Image via Bitcoinist Media Library
