Interest per week
Interest per year
Bitcoin-related searches have been absolutely on a tear as of recently. According to data provided by Google Trends, the number of 'buy Bitcoin' queries recently reached the highest level in almost a year.
Buying the dip
The uptick came shortly after BTC’s epic 48 percent crash that left the crypto community aghast last Thursday. As reported by U.Today, the flagship cryptocurrency event went as far as overtaking gold in Google searches. This only happened during the global crypto frenzy in December 2017 when Bitcoin was on track to hit its current all-time high of $19,777.
The BTC price has so far skyrocketed by more than 40 percent over the last three days, which shows that the massive discount was attractive enough for many retail investors.
Is Bitcoin still a safe haven?
Despite the fact that the Thursday crash has seemingly put a fork in Bitcoin’s safe haven narrative for good, the searches for this overused term have increased to their highest level since December 2019.
Some Bitcoin proponents believe that it could still act as a hedge asset once this coronavirus-driven liquidity squeeze is over. In the world where central central banks are revving up monetary easing, Bitcoin could eventually prove to be a store of value.