- Bitcoin halving google searches spiking
- Accompanied by increased network activity
- Netherlands and Switzerland display highest interest in the halving
Reports are emerging that Google searches for ‘Bitcoin halving' are spiking, even more so than they did in 2016, the last time a halving occurred. The trend is typical for the cryptocurrency market - the bull run late 2017 also saw a surge in searches for Bitcoin (BTC) and discussion on social media.
Search engine and social media posts related to Bitcoin and cryptocurrencies have shown to rise as Bitcoin’s price goes up, and 2020 looks no different.
From early April, Bitcoin halving searches have seen an increase, which is accompanied by an influx of investment, as proven by a spike in transaction fees recently. The halving searches are at roughly 4 times what they were in 2016.
April saw Bitcoin obtain search scores of 100 in the second week, and 90 in the third week. This is roughly double of what it was during March 2020.The top 5 countries from which these searches are occurring are the Netherlands, Switzerland, Slovenia, China and Singapore.
Expected to occur at block height 630,000 on May 12 will reduce Bitcoin’s block rewards from 12.5 BTC to 6.25 BTC. In layman’s terms, this means that Bitcoin’s miners will see the rewards for their efforts halved post the halving. The consensus is that will push the price up in the medium to long term, as it has done in the two halvings that occurred previously, in 2012 and 2016. The Bitcoin hashrate has increased as well, which is an indication of the amount of computing that is going into the network.
Analysts and investors believe that, combined with the effects of the pandemic on all asset classes, will legitimize Bitcoin as a store of value, which has shown far less correlation to other asset classes.
Oil has plummeted as a result of excess supply and the price war between Saudi Arabia and Russia, equity has taken a massive nosedive as a result of lockdowns, quantitative easing measures, and general trust in the economic system is painfully low.
These conditions have led the likes of Tim Draper, Chamath Palihapitya, Mark Cuban, and crypto insiders like Changpeng Zhao, to either shown increased confidence in Bitcoin’s potential, or, in Cuban’s case, a very tentative belief that Bitcoin could benefit from current economic conditions.
The Bitcoin halving has received extensive coverage in media outlets, even in those outside of the space. CNBC’s Brian Kelly recently discussed the potential of a Bitcoin price rally in a segment on CNBC’s Fast Track, while incumbent institutions and outlets have also been examining the potential effect of the halving and the pandemic.