Searches on Google for Bitcoin have dropped a massive 75 per cent over the last five months – 50 per cent of which has happened over just three months.
Google Trends revealed to CNBC that the online interest in the virtual currency has wavered significantly since the beginning of the year – dropping from a score of 37/100 on January 1 to 9/100 on June 2.
Nicholas Colas, co-founder of DataTrek Research, said in an email to clients: “We use Google Trends to track search queries for Bitcoin as a proxy for potential new buyers. Bitcoin needs a new narrative in order to reestablish global attention.
“This dog will have its day, but today isn’t it. While we love the idea of Bitcoin (and own a little ourselves), we are not fans of buying it at current levels.”
Along with interest, Bitcoin prices have almost halved over the course of 2018 so far, after rising by more than 1,300 per cent in December 2017.
For Ethereum, searches are down 70 per cent, and for XRP the figure is 87 per cent.