Bitcoin still the center of attention ?! Yes, even after the recent downturn in the markets, caused by the uncertainty caused by the rapid spread of the Coronavirus.
In the midst of the quarantine, Bitcoin continues to be king, demonstrated with the boom in trading volumes on major crypto exchanges, and the recent surge in interest in BTC in Google searches. Who could be bored in a world as interesting as this?
Google Trends shows interest in Bitcoin remains dormant
Some might think that after massive sales in crypto markets, people would decide to completely forget about cryptocurrencies. However, as we will see on this occasion, there is still interest.
As we previously commented on CryptoTrend, after the losses generated in the markets, many experts wondered how investors would re-place their trust in Bitcoin.
However, the increase in search volumes on Google suggests that there is still a lot of curiosity and interest in the industry.
We must keep in mind that the losses were not only for the crypto markets, the traditional financial markets suffered as a whole. Therefore, the rapid spread of the Coronavirus and its consequences led people to ask themselves: “How can we support our savings?”
Lo and behold, as will be highlighted in the Tweet below, Google searches for “buy gold” and “buy Bitcoin” increased overall. Noting that the interest in acquiring BTC was briefly higher than that of the precious metal.
Right now the interest in acquiring gold is higher than that of Bitcoin; however, the fact that investors seek to enter the sector provides some reassurance.
Is it just curiosity?
We cannot say that interest in Bitcoin is solely out of curiosity. Trading volumes have soared according to the 24-hour spot volume index published by Bitwise.
The information provided by this index is valuable as it is presented as the most accurate in the industry. This is because the data is supposedly clean of everything that could distort it.
Thus, last Friday the index stood at $ 5.7 billion USD, being one of the highest levels that said index has reached.
Also, the peer-to-peer market has moved quite a bit in recent days. Evaluating these types of transactions is relevant given that the global interest in the non-speculative purchase of BTC is considered.
The best is yet to come
Industry experts have assured that, for those who understand the technology behind Bitcoin and know its potential, what has happened with its price is not significant. Ensuring that for them, the current situation represents the perfect opportunity to buy.
Furthermore, given the responses to declines in stock markets around the world from the Coronavirus, some claim that a fixed-supply digital asset, like BTC, is now more important than ever.
Recall that the Federal Reserve lowered interest rates in an effort to stimulate growth after market declines. This while injecting liquidity, which makes BTC even more interesting.
According to Twitter user @ 100trillionUSD, or better known as PlanB, the United States is one step away from implementing negative interest rates. This means that they will charge users to retain their money within banks.
Thus it seems that BTC is the solution to the next problems that the world economy will face. What do you think