Google Trends shows a significant decline in interest in Bitcoin since January 2024, which may indicate a drop in attention from retail investors. At the beginning of the year, interest was at 57 points out of 100, but by September, it had fallen to 32 points. This decline (43.85%) suggests reduced activity from retail traders, despite Bitcoin continuing to be a key asset in the cryptocurrency market.
The peak interest in Bitcoin was recorded in early March 2024, when the cryptocurrency price reached an all-time high of over $73,000. However, this surge in interest was temporary, and a sharp decline followed after the price spike. This could be due to the high volatility of the cryptocurrency, making it less attractive for some investors.
Although global interest in Bitcoin has decreased, countries like El Salvador, Nigeria, Switzerland, Austria, and the Netherlands still show high levels of interest. In El Salvador, where Bitcoin became legal tender in 2021, the cryptocurrency remains in the public eye and continues to be in demand. In Nigeria, amid the instability of traditional banking systems, Bitcoin attracts the younger generation, who view it as an alternative financial tool.
Long-term trends also show declining interest in Bitcoin. Looking at Google Trends data over the past five years, the peak interest in Bitcoin was in May 2021, followed by a gradual decrease. This could be because the novelty of Bitcoin and other cryptocurrencies is fading, particularly in the face of market volatility.
Nevertheless, some analysts continue to forecast potential growth for Bitcoin. Analyst TechDev noted that Bitcoin’s price trend resembles the growth of Japan’s Nikkei 225 stock index between 1950 and 2000. According to his predictions, Bitcoin could reach $760,000 by 2028–2029, after which a new bear market may begin.
In conclusion, the drop in interest on Google Trends may reflect short-term sentiment among retail investors, but Bitcoin remains an important asset for long-term holders and institutional investors, especially in countries with unstable economies.