Search Volume For ‘Bitcoin Halving’ On Google Surpasses Previous Record The most awaited event of the year in the crypto industry is nearly upon us.
Search Volume For ‘Bitcoin Halving’ On Google Surpasses Previous Record
The most awaited event of the year in the crypto industry is nearly upon us. According to bitcoinblockhalf.com, only about 28 days are left for the bitcoin halving. In a year that has had a really rough start, this is seen as something positive. Traders, investors and ‘normies’ alike are seemingly very interested. The recent search volume for ‘bitcoin halving’ is through the roof.
As of April 14, data from Google Trends clearly shows that this year’s volumes are 16% higher than in 2016. The last halving had taken place in July of 2016. This is a really important piece of data. It signals just how much interest there already is about the halving. It could also foreshadow the rise in bitcoin price.
Higher Numbers, Higher Interest
Since 2016, the crypto ecosystem as a whole had developed a lot. Many new cryptocurrency exchanges have opened up. Many fiat on-ramps and off-ramps have been established. Merchants are increasingly getting more involved. Even the institutional investors have dipped their legs into the crypto world. So naturally, there is bound to be more interest in everything that bitcoin does.
The Google Trends data also shows which parts of the world are searching for next month’s event the most. In the past 30 days, Luxembourg, Latvia, Lithuania, Switzerland and Estonia have shown the most interest.
But an altered keyword
Bitcoin halving 2020” shows an entirely different picture. It shows that Nigeria, Venezuela, Portugal, Czechia and Austria contribute more to the search volume.
In any case, the geographical break down is very encouraging. When it comes to crypto, the US, Canada, China, Japan and South Korea are often considered the leaders. But the search volume from other smaller countries shows bitcoin’s reach. This evidently proves that bitcoin is a global phenomenon.
Why Is Bitcoin Halving So Important?
Halving is a milestone event for bitcoin. It reduces miner rewards to half. This means that new supply is cut in half which reduces inflation. Post halving, even if the demand remains just constant, it means higher prices. That is why bitcoin halving is so closely watched by the crypto industry.
Till now, there have been two bitcoin halving and each time it marked the beginning of a new bull cycle. This time, the rate of new bitcoin issuance will decrease from 12 btc to 6.5 btc after every block. This will bring bitcoin’s inflation rate down to just 1.8%. This is lower than the 2% that most fiat currencies target. In fact, the new inflation rate would be similar to that of gold.
This can propel bitcoin to new all-time highs if history is anything to go by. Crypto experts, traders and investors think that bitcoin might reach anywhere between $100,000 to $300,000 in price. Of course, nobody can know for certain but it seems like new highs are on the cards. If the world can contain the coronavirus pandemic, it clears the path for bitcoin to perform even better.