BitCoin now out of fashion

BitCoin now out of fashion

Why did Russians stop looking for cyber currencies online?

Google and Yandex search engines reported a decrease in requests sent by users to look for bitcoin: according to Google Trends, the rate of requests mentioning this cyber-currency fell since December by more than 80%, with Yandex reporting a drop in absolute terms over a 30-day period from 8.5 million to 4.3 million.

At the same time, the trend of growth in the number of search requests follows closely the evolution of bitcoin’s price: on December 17, for instance, as the price of bitcoin broke a record USD 20,000, both Google and Yandex reported a record number of requests. Thereon, the popularity of bitcoin in searches started falling.

Early in February, the bitcoin set an anti-record, when the price of the most popular cyber-currency fell under USD 6,000. As of March, the price of bitcoin evened out at around USD 10,000 — 11,000.

Decline of interest in bitcoin, however, does not directly correlate with the economic potential of cyber-currencies, analysts affirm. They also claim that the cyber-currencies that have not, so far, become economically viable will certainly maintain this role for a long time. So far, this asset remains speculative, and the fall of interest is due to the current dynamics of this cyber-currency: so long as the growth trend prevailed with the bitcoin hitting new highs, it caused public interest as an opportunity to earn, or at least, to learn on other success stories. However, following its decline, the interest faded away significantly.«

Rating agencies believe that cyber-currencies have a strong economic potential ahead of them: «What we observe today is a test-drive of this new technology before the society accepts it. Just before the New Year, the bubble effect phenomenon followed many people learning about the bitcoin at the same time: as they saw the currency grow, they rushed to buy in, creating a debate bubble around it.»

Looking at the current trends, 2018 is likely to become a year of «absorbing the cyber-currencies within the legal framework on the key markets,» experts believe. Market analysts agree: «Cyber-currencies certainly have a future, while more and more countries gradually recognise bitcoin as a means of payment. Today, the phenomenon is entering the everyday life.»

According to the annual trending review by Google, «Year in Search», bitcoin became one of the most popular search requests in Russia in 2017. The top ranked searches also include blockchain, hype and spinner.

 

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