“Bitcoin Dead” Searches Hit All-Time High Amid Ongoing Crypto Crash
As Bitcoin and other cryptocurrencies continue to fall, Google searches for “Bitcoin dead” hit an all-time high on Friday.
There was also an increase for similar keywords, such as “Bitcoin is dead”.
This search trend reflects increasing anxiety for the crypto markets after weeks of relentless selloffs.
There are several theories behind why Bitcoin and other cryptocurrencies are crashing. Its downward spiral may have been caused by a shift in Federal Reserve policy, which placed downward pressure on risk assets.
However, many experts are putting the crash down to the wider global climate. Recessions are on the horizon, inflation is soaring, interest rates are up, and many people are battling with rising living costs. In turn, these factors cause demand for crypto to slide.
Recently, Microsoft co-founder Bill Gates described NFTs and cryptocurrency as “100% based on greater tool theory”, implying that overvalued assets will go up in price when there are enough willing investors.