Following the legalization of spot-bitcoin exchange-traded funds (ETFs) and a large price increase, the popularity of Bitcoin ETFs has surpassed that of prominent music icons in Google search trends. This increased interest is due to Bitcoin's price reaching new all-time highs above US$73,000 and the expectation of an imminent halving event, which has traditionally resulted in price increases.
As the price of the flagship cryptocurrency Bitcoin ($BTC) rose to a new all-time high above US$73,000 earlier this month, so did interest in the cryptocurrency on internet searches, surpassing pop music superstars Taylor Swift and Beyoncé in popularity on Google.
According to Google Trends data, Bitcoin's recent price climb to record highs has boosted searches for the flagship cryptocurrency to their greatest level in over a year, generating more attention from internet users than both music artists combined over the last week, Bloomberg said.
After spot-Bitcoin exchange-traded funds (ETFs) were introduced in January, institutional demand surged and over US$12 billion in net inflows have occurred since launch, with BlackRock's IBIT leading the way. This has caused the price of Bitcoin to leap to a new all-time high.
Furthermore, Bitcoin is slated to undergo a halving event next month, reducing the coinbase incentive miners earn for every discovered block by half. Halving events occur every 210,00 blocks, or about every four years, as part of Bitcoin's established monetary policy, and have traditionally resulted in huge price increases in the months that followed.
While search interest is an indicator of public awareness, it does not always convert into purchase intent. The business argues that the last time Bitcoin received this much internet attention was in June 2022, just before an almost 40% price decline in a single week.
Short sellers betting on Nasdaq-listed business MicroStrategy, which became known for its aggressive Bitcoin bet and saw its stock price climb this year, have lost an estimated US$3.3 billion.
Several observers believe Bitcoin's price has further space to rise. Standard Chartered recently made waves with its newest investment note, which drastically raised its year-end Bitcoin price projection from US$100,000 to an astonishing US$150,000.
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