Searches for cryptocurrencies plummeted by 84% in 2019 compared to last year, new Yahoo Search data has revealed.
There were 65% fewer queries for the term “bitcoin”, suggesting that the waning interest in digital currencies among investors is mirrored by the general public.
Recent data from the Tie, a provider of data on digital assets, found that institutional investors — such as banks and pension funds — have lost interest in Bitcoin, the pioneer cryptocurrency that once rocked the financial world.
Mentions of institutional interest in Bitcoin in news headlines fell to a 2019 low in October, the provider said.
Similarly, analysts have concluded that interest from banks and other large financial institutions is also on the decline.
Analysts from JPMorgan concluded earlier this year that the hype about cryptocurrencies and blockchain — the technology framework that underpins all cryptocurrencies — is overblown.
The crypto-based digital currencies have not yet made significant inroads in financial institutions, the analysts said.
“Progress has been made to move blockchain adoption beyond experimentation and use in payments, but development has been largely confined to use cases like smart contracts, record keeping and decentralized applications rather than an institutionalized approach,” the analysts said.
“On blockchain, while there have been a number of developments that show that the technology can make a significant impact for banks, transformative real-world applications are still at the work-in-progress stage as they require legal and regulatory progress”, they noted.
Data from a study commissioned by Grayscale Bitcoin Trust and other funds pegged to crypto prices found that just over a third of US investors are interested in bitcoin.
However, the data also revealed a surprising stat — of that interested group, 43% are women.
Given a series of bitcoin’s investment qualities to choose from, women were more likely than men to say that they like the ability to invest in very small amounts.
The ability to sell at any time, since cypto markets never “close” like other equities markets, was also seen as a positive.
They also believe that bitcoin is a high-risk, high-reward bet that has the potential for very high returns.
While Graysale thought that the third of investors interested in Bitcoin was a promising proportion, being “interested in” investing in bitcoin may not amount to much, since interest does not always lead to action.
Many people have passing interest in buying many types of things, but that doesn’t mean they will ever buy them.