Is Bitcoin Really Dead?

Key Takeaways:

  • Google searches for Bitcoin surged to a 12-month high.
  • El Salvador has most searches for Bitcoin in the last 7 days.
Is Bitcoin Really Dead?
Google searches for “Bitcoin dead” rallied this week.

LAGOS (CoinChapter.com) — Many investors have been plagued with the question “is Bitcoin really dead?” due to the recent massive price drop that swept through the cryptocurrency industry.

In detail, data from Google search trends reveal that interest in the condition of Bitcoin has risen to new heights. According to Google Trends, searches for “Bitcoin dead” rallied in the week ending Friday at the peak.

Global searches for “Bitcoin dead”
Global searches for “Bitcoin dead” Sources: Google Trends

Recall that the recent fall in the price of the asset was fueling rumors about the death of the main cryptocurrency. As a result, the searches for the term “Bitcoin Dead” reached a new all-time high rising by more than 90%. Nonetheless, the search for phrase is expected to drop this week, presumably due to the price recovery of the asset.

Additionally, in a similar development, the search for Bitcoin also skyrocketed to a 12-month high. Google search patterns revealed that “Bitcoin” achieved a score of 100 for the period between June 12–18.

The increase in the search for the top digital asset followed a 10% drop between June 5-11. Moreover, the recent increase implies that despite the price drop, interest still stands concerning the cryptocurrency’s next price.

El Salvador Has Most Bitcoin Searches on Google Globally

Meanwhile, Google search results also disclosed that El Salvador is the nation most interested in Bitcoin in the last seven days.

El Salvador Has Most Bitcoin Searches on Google Globally
Nations with the most searches for Bitcoin. Source: Google Trends

A further state-by-state breakdown shows that the Central American country had a 100 search rate. El Salvador came out on top surpassing The Netherlands, Nigeria, Austria, and Switzerland respectively.

It is worth noting that Google Trends monitors search phrase popularity on the popular search engine over time. It assigns scores between 1 and 100 depending on the total number of user inquiries. Thereafter, the data are anonymized, classified by subject, and consolidated by location.

‘Bitcoin Dead’: Crypto Community Reacts

Meanwhile, the crypto community has debunked the fears doing the round that “Bitcoin is dead.” Binance CEO Changpeng Zhao, in a statement, noted that “Every #Bitcoin is the dead headline” is a buying opportunity.”

Bitcoin has reportedly “died” 45 times in 2021 alone following reports that the digital asset was crashing. However, another Twitter user noted the contrary that Bitcoin has surmounted every purported dying rumor.

“The world is acting like Bitcoin didn’t drop to $3867 in 2020 and a year later we saw it skyrocket to $64k. To the world crypto is dead, to the OG’s we’re just getting started.”

MsCryptomom1 said.

However, popular Bitcoin critic, Peter Schiff, has continued to fuel recent rumors that the leading asset is dead. Schiff further warned users that the current rally is just another bull trap. “Nothing drops in a straight line.”

At the time of writing, BTC price was up by more than 5% and is trading above the $20,000 mark. According to data from Coingecko, the asset currently has a market cap of $410.5 billion with a 24-hour trading volume of $27.5 billion.

Most importantly, it is imperative to note that Bitcoin has proven repeatedly that it is an initiative that is strong enough to survive and endure any hardship. Recall that with inflation currently at the peak across the economic downfall is being experienced in both the traditional and crypto industry.

Notably, despite the recent downtrend International organizations and financial institutions continue to extend support for cryptocurrency. This invariably implies that Bitcoin as well as other digital assets are not dead.

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