Twitter, Wikipedia and even Google’s search activities point to a world that doesn’t yet know the best macro active available to anyone.
3 graphs proving that new retailers have not yet arrived at BitcoinNOTÍCIAS DO MARCADO
The Bitcoin (BTC) gained 30% in one week and peaked at $23,777 on Dec. 16 – but hardly anyone in the world knows yet, suggest the data.
According to graphs tracking public awareness of what One Bitcoin a Day Bitcoin has done recently, interest is still a fraction of what it was during its run to previous records exactly three years ago in 2017.
Twittering about BTC Outside „CT
Anyone who regularly reads encrypted Twitter, also known informally as „CT“, may get the impression that the entire social network revolves around the Bitcoin price action in 2020.
This is not the case, however, as statistics show that, apart from the TC, the ups and downs of Bitcoin this year are hardly a trend.
The status quo is only now beginning to change, but according to the analytical resource TheTIE, tweet levels are approximately where they were in January 2018, already after Bitcoin reached almost US$20,000.
Twitter volume chart for 3-year BTC. Source: TheTIE
Although it almost follows the price action, Twitter activity is indicative of a curious reversal in sentiment when it comes to Bitcoin and the mainstream. Consumers who see headlines about price bubbles and criminal machinations seem to have genuinely ruled out cryptomeda altogether – with the exception of the singular surprise advertising campaign.
Wikipedia shows no desire to learn about Bitcoin
The theory is true when we look at Bitcoin’s popularity on Wikipedia. The page views in December 2020 are only a small increase in a flat landscape.
Compared to January 2018, there is no dispute – the appetite to learn what Bitcoin is was an order of magnitude greater than today.
3 year graph of Wikipedia page views of Bitcoin. Source: CoinMarketCap
Interestingly, even the crisis around Covid-19 and its impact on markets in March, combined with Bitcoin’s record recovery to historic levels, failed to attract the attention of the majority.
Few search Bitcoin on google
Finally, a global measure of what Internet users are looking for underscores the low exposure of Bitcoin at the moment – and the potential for its transformation.
In what is perhaps the most surprising graph of all, according to Google Trends data, the term „Bitcoin“ is less popular this week than it was in early December or even November.
Even the May block subsidy event has proven more popular than the all-time price increases this week, again suggesting that people inclined to Google about Bitcoin already have some specific interest in cryptomeda more generally. Conventional consumers have no incentive to get involved – or so they think.
Annual Google search graph of the term „Bitcoin“. Source: Google Trends
All the evidence points to the fact that Bitcoin, although a different asset than it was three years ago, did not even touch the dominant consciousness. Institutions, however, are already ahead of the game.
Commenting on the phenomenon, the popular Polkadot Brown Twitter account said that their personal contacts are only prepared to buy – paradoxically – when the BTC/USD reaches new highs.
„This is the mindset of most retail investors,“ he wrote.
„At the moment, institutions are going into decline so they can get rid of X2 from here. The next bearish market will not happen until we reach a #BTC of $50k“.