While Bitcoin reaches $50,000, the enthusiasm seems moderate. Are we still in the early stages of crypto adoption?
Google searches still sluggish
The general public does not yet seem to be fully seduced by Bitcoin. Google searches for this keyword in 2024 remain below the peak reached at the previous peak of $50,000. At this stage, popular enthusiasm should be as strong as in 2021.
More precisely, the popularity index on Google Trends currently caps at 25, where it peaked at 50 at the end of 2021 for the same BTC price.
Worse still, current research has not returned to its peak of December 2017, when the flagship crypto was close to $20,000 amid unprecedented media euphoria.
How can we explain this relative lack of interest? On the one hand, the explosion of 2021 resulted from a novelty effect, after several years of low levels of “general public” searches. Above all, the violent correction that followed probably dampened certain enthusiasms or aroused doubts.
However, these indicators deserve to be qualified. They alone cannot summarize the perception of Bitcoin, much less its actual adoption. Other signals demonstrate constant progress, both among individuals and institutions.
A revolution that takes time
Certainly, the general public is not yet flocking to the Bitcoin gate. However, nothing indicates a definitive rejection. On the contrary, behind the scenes, crypto adoption is taking its course.
As history has shown, disruptive innovations like the Internet take time to permeate everyday life. Concerning Bitcoin, the ecosystem is gradually becoming structured. Services dedicated to individuals are multiplying, constantly improving the user experience.
Furthermore, the regulatory framework is becoming clearer. The 2024 political agenda could remove obstacles in many countries, making adoption easier for “traditional” players.
At the same time, concrete uses are gaining momentum. More and more merchants are accepting crypto, while El Salvador was already adopting Bitcoin as legal tender in 2021.
In other words, this technological revolution is continuing its course, despite an apparent lack of interest among the general public. Like the Internet in the 1990s, the best is yet to come. The crypto revolution has not yet revealed all its promises.
Gradual adoption
If popular enthusiasm is not there, institutional adoption is in full swing. The list of companies holding bitcoins continues to grow, a guarantee of seriousness and trust: MicroStrategy, Tesla, Grayscale and even BlackRock.
At the same time, market infrastructures are maturing. Whether it’s the emergence of Bitcoin Spot ETFs or the increased involvement of behemoths like BlackRock and Fidelity, the foundations of the system are gaining strength.
In short, the apparent disinterest of individuals contrasts with the marked commitment of institutions.
Ultimately, this smooth adoption is perhaps precisely the guarantee of better controlled and more sustainable development. Far from speculative excitement, based on credible technical foundations, the rise of Bitcoin at its own pace could allow it to deliver its full potential in a sustainable manner. The best is yet to come.
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