If you search for the term bitcoin one Google trends analysis undergoes, one has to realize that interest in the mother of all cryptocurrencies has reached an annual low. On a global level, too, search interest seems to be dwindling somewhat.
The German search volume for Bitcoin is currently only 23 percent of the high from May last year. What could be the reason?
“The regulation problem and the negative tenor in the German mass media is not beneficial,” says Stefan Lübeck, market expert at BTC-ECHO.
The past few weeks have been very tense in the crypto space. A de facto Bitcoin ban at EU level was averted at the last second. Just a few days ago we also received the news that so-called unhosted wallets could soon be over.
Significance of Bitcoin Google Trends Analysis
However, it is also important to look at the methodology behind the Google Trends data. The company behind the popular search engine does not publish any absolute numbers, but only the ratio of certain search terms to the total number of search queries.
The peak of this ratio in any given period is 100. For example, if a search term reaches a value of 50, this means that it was only searched for half as often in the respective week compared to the wedding.
“We consider this interest as a proportion of all searches on all topics on Google at this time and place,” said Simon Rogers, data journalist and editor at Google in one blog post.
In this case, this means that the number of search queries in Germany containing the term “Bitcoin” has fallen in relation to the total search queries in the Federal Republic.
For one thing, this ratio may decrease if absolute searches for the term bitcoin have actually decreased. However, another possibility is that other issues are overshadowing Bitcoin at the moment. This could be the case, above all, due to the current war situation between Ukraine and Russia or the Corona situation.
This means that the data from Google Trends does not necessarily mean that interest is actually declining. A similar development is currently also taking place in the NFT sector – BTC-ECHO reported.
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