Data shows that Google searches for ‘Bitcoin halving’ have doubled this month from December levels.
The search volume for the term is now at its highest since the last halving event in 2016.
Google searches for ‘Bitcoin halving’ on the rise
For some time now, cryptocurrency enthusiasts have been talking about the upcoming Bitcoin Halving in May. But unlike 2016 when fewer people were aware of Bitcoin and its properties, interest in the event from the general public is also rising.
So why is the Bitcoin halving commanding so much attention? Many people in the industry believe that the event that cuts the block reward in half for miners will spur a new Bitcoin bull market. This is based on the effects that the last two halvings had on the number-one cryptocurrency.
The Bitcoin halving happens every four years. After the first halving in 2012, BTC hit its first all-time high. Shortly after the halving in 2016, BTC skyrocketed to its biggest all-time high on record at just shy of $20,000.
Many industry insiders and analysts are calling for highs of more than $30,000 and even as much as $80,000 following the next halving, taking data from Digitalik.
It’s not surprising then that interest in the event is piquing and that Google searches for ‘Bitcoin halving’ have doubled in January compared to last month.
Google Trends feature shows queries on the term “#bitcoin #halving” have doubled this month from December levels to the highest since the last such event in 2016.
— Weiss Crypto Ratings (@WeissCrypto) January 27, 2020
More public interest in Bitcoin in 2020
According to cryptocurrency research analysis firm Arcane Research, “Google searches for Bitcoin halving have been accelerating lately.”
The rising number on Google Trends could be an indicator that the event will capture greater public interest in 2020. Historically, a new wave of adopters comes following a significant price spike.
The report, published on January 24, states, “There is now a clear indication that awareness of the concept is spread to new people.”
Google Trends doesn’t reveal the actual number of searches for ‘Bitcoin halving’. However, it does show that searches for the term registered a reading of 35 during the week ending January 19. This is double the amount in December, at 15.
That’s not 35 and 15 searches respectively, it’s a scale from zero to 100 whereby 100 represents the peak search popularity of a term.
With the event coming up in just a few months, it’s probable that Google searches for ‘Bitcoin halving’ will continue to rise. It’s also possible that the Bitcoin price will continue to rise along with the searches.
However, as Arcane points out, even though more and more people are interested in the Bitcoin halving: “Still, searches for the Bitcoin halving is totally insignificant in comparison to overall Bitcoin searches.”
Google searches for Bitcoin register 30 times more action, which probably goes to show that not so many no-coiners are aware of the event after all.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.