Despite Bitcoin’s rally of over $ 12,000, Google searches are not increasing. Peter Schiff, CEO of Euro Pacific Capital, again exposed his criticism of Bitcoin (BTC) in a new tweet, claiming that despite “great effort”, interest in Bitcoin remained very low.
With his latest attack, Schiff aims to justify his controversial theory that the world’s largest cryptocurrency is only driven by whales and price speculators:
“Bitcoin fans insist that interest in Bitcoin is on the rise. Yet the facts tell a different story. Despite the great effort put into pumping Bitcoin, interest is still below the 2019 high and not even close to the peak reached in 2017. Gold is reaching new heights. ”
Bitcoin bugs insist that interest in Bitcoin is booming. Yet the facts tell a different story. Despite a massive effort to pump #Bitcoin, interest is still below its 2019 peak, and not even close to the peak reached in 2017. In contrast, interest in #gold is hitting new highs. pic.twitter.com/O430UfD94T
— Peter Schiff (@PeterSchiff) August 20, 2020
Bitcoin Searches Decrease
To prove his thesis, Schiff used data provided by the website Google Trends, which measures the popularity of top search queries. The chart below shows that interest in Bitcoin was well below December 2017, when BTC reached its current lifetime high.
On the contrary, gold reaches new heights in search interest shortly after breaking $ 2,000 for the first time.
Bitcoin Is Not New Anymore
Bitcoin was the ultimate fashion word of late 2017, but all signs point to the fact that the best cryptocurrency has yet to regain its old crowd. The search volume for Bitcoin-related keywords increased by more than 1000 percent that year. It has also become one of the most visited pages on Wikipedia.
Although only two percent of US consumers own cryptocurrencies, the vast majority are already familiar with the term. Alongside newcomers, Google searches are currently driven by analysts and research, but the lack of interest in cryptocurrency is a major reason why search queries are far below previous peaks.
Important names in the cryptocurrency community made fun of Peter Schiff’s words. Replying to Schiff’s tweet, Kraken’s business development director Dan Held shared the old age photos of the gold supporter and wrote about how much BTC and gold would be.