Twitter, Wikipedia and even Google search activity point to a world still unaware of the best macro asset available to anyone.
Bitcoin (BTC) has gained 30% in a week and topped out at $23,777 on Dec. 16 — but hardly anyone in the world knows yet, data suggests.
According
to charts tracking public awareness of what Bitcoin has done recently,
interest is still a fraction of what it was during its run to previous
all-time highs exactly three years ago in 2017.
Twitter sleeping on BTC Outside "CT"
Anyone
who regularly reads crypto Twitter, also known informally as "CT," may
have the impression that the entire social network revolves around
Bitcoin price action in 2020.
This is not the case, however, as statistics show that beyond CT, Bitcoin's highs and lows this year are hardly a trend.
The
status quo is only now beginning to change, but according to analytics
resource TheTIE, tweet levels are only roughly where they were in
January 2018, already after Bitcoin hit just under $20,000.
While
roughly moving in step with price action, Twitter activity is
indicative of a curious reversal in sentiment when it comes to Bitcoin
and the mainstream. Consumers seeing headlines about price bubbles and
criminal machinations genuinely appear to have dismissed crypto
altogether — with the exception of the odd surprise publicity campaign.
Wikipedia shows no desire to learn about Bitcoin
The
theory holds true when looking at the popularity of Bitcoin on
Wikipedia. Pageviews in December 2020 are but a small uptick on an
otherwise flat landscape.
Compared to January 2018, there is no
contest — appetite for learning what Bitcoin is was an order of
magnitude higher than today.
Interestingly,
even the crisis surrounding Covid-19 and its impact on markets in
March, combined with Bitcoin's record recovery to all-time highs, failed
to catch the attention of the majority.
Few are googling Bitcoin
Lastly,
a global measure of what internet users are searching for underscores
how little exposure Bitcoin has right now — and the potential for it to
transform.
In what is perhaps the most surprising chart of all,
according to Google Trends data, the term "Bitcoin" is less popular this
week than in earlier in December or even November.
Even May's block subsidy halving event proved more popular
than this week's all-time price highs, suggesting once again that
people inclined to Google about Bitcoin at all already have some
specific interest in cryptocurrency more generally. Mainstream consumers
have no incentive to become involved — or so they think.
The
evidence all points to the fact that Bitcoin, despite being a different
asset to what it was three years ago, has not even touched mainstream
consciousness. Institutions, however, are already ahead of the game.
Commenting on the phenomenon, popular Twitter account Polkadot Brown said that his personal contacts are only prepared to buy — paradoxically — once BTC/USD hits new all-time highs.
"This is the mentality of most retail investors," he wrote.
"Right
now institutions are getting in on dips so they can dump on X2 from
here. The next bear market won't happen until we hit a $50k #BTC."
source link : https://cointelegraph.com/news/what-bitcoin-all-time-high-these-3-charts-prove-new-retail-buyers-aren-t-here-yet
