Bitcoin Halving searches on Google search engine have reached an all-time high, far exceeding the 350 percent spike associated with the previous half event.
Halving event searches for the Bitcoin (BTC) have reached 100 on the normalized scale of Google, indicating its highest value ever. That value was at 28 at the time of the last halving in 2016. That means the current interest level is almost 360 percent higher than it was four years ago.
On July 9, 2016, the preceding halving, which reduced the block reward from 25 BTC to 12.5 BTC, happened. Although the price had run up before the event, months later the actual bull run ensued.
This time around we have experienced a significant price appreciation since Black Thursday. We’re still far behind the all-time high of nearly $20,000 for Bitcoin, however.
Bitcoin has been stuck in a bear market for two and a half years in spite of the recent bull trend. Bitcoin would have to break the previous high set in December 2017, 17 months after halving, to leave this unprecedented downturn.
Given how much the crypto space has expanded in recent years, the increase in public interest in the event is not surprising. In addition to this natural growth, a further contributing factor to this spike is likely the ongoing economic crisis.
Billionaire and Hedge Fund Founder Buys Bitcoin as Safe Haven Against Inflation
As inflation collapsing throughout the world amid the ongoing coronavirus pandemic, some billionaire investors are buying Bitcoin (BTC) to hedge against the inflation risks. Paul Tudor Jones, the billionaire and founder of Tudor Investment Corporation hedge fund, has reportedly revealed Bitcoin is part of its portfolio.
Jones buys Bitcoin to protect his investments against inflation that comes from central banks’ money-printing. The billionaire investor reportedly said in a market outlook note titled “The Great Monetary Inflation,” that Bitcoin reminds him of the role that gold played in the economic problems of the 1970s.