As the price of the flagship cryptocurrency Bitcoin ($BTC) surged to a new all-time high above the $73,000 mark earlier this month, interest in the cryptocurrency on internet searches also surged, eclipsing pop music titans Taylor Swift and Beyoncé in Google popularity.
According to data from Google Trends, Bitcoin’s recent price rally to record highs has propelled searches for the flagship cryptocurrency to their highest level in over a year, attracting more interest from internet users than both music stars combined over the past week, as Bloomberg reported.
Source: Google Trends
Bitcoin’s price surged to a new all-time high after the approval of spot-Bitcoin exchange-traded funds (ETFs) in January led to a surge in institutional demand that saw these funds bring in over $12 billion of net inflows since launch, with BlackRock’s IBIT taking the lead.
Bitcoin ETF Flow – 15 March 2024
All data in. Total net inflow of $198.8m for the day.
Table from @FarsideUK pic.twitter.com/QK69AmHz1J
— BitMEX Research (@BitMEXResearch) March 16, 2024
On top of that, Bitcoin is set to undergo a halving event next month that will cut in half the coinbase reward miners receive per found block. Halving events occur every 210,00 blocks – roughly every four years – as part of Bitcoin’s set monetary policy, and have historically seen significant price surges in the months that followed them.
While search interest is a gauge of public awareness, it doesn’t necessarily translate to purchase intent. The last time Bitcoin witnessed a similar level of online attention was in June 2022, shortly before a dramatic price drop of nearly 40% in a single week, the firm notes.
Bitcoin’s price rise saw short sellers betting against Nasdaq-listed firm MicroStrategy, which became known for its aggressive bet on Bitcoin and saw its stock price surge this year, lose an estimated $3.3 billion so far this year.
MicroStrategy’s strategy of accumulating Bitcoin started in 2020, and has proven remarkably successful. The company has consistently added to its digital currency stash, which currently stands at 205,000 BTC, valued at nearly $15 billion. Last week, the firm executed one of its largest single purchases ever, acquiring an additional 12,000 Bitcoin.
Various analysts maintain Bitcoin’s price has more room to grow. Recently, Standard Chartered has made headlines with its latest investment note, significantly adjusting its year-end Bitcoin price forecast from $100,000 to an astounding $150,000.
Featured Image via Pixabay
