Searches for “bitcoin halving” on Google Trends recently reached record highs, suggesting peak interest in the retail crowd about the upcoming supply altering event.
Queries about the highly anticipated event peaked in the week ending April 11, the highest in bitcoin’s (BTC) 11-year history. It moved down 18 percent as of press time but remains at elevated levels. It remains double what it was for the week ending March 21.
Google Trends scale their searches on a range of 0 to 100 “based on a topic’s to all searches on a topic,” according to the company.
The sharp rise is indicative of an “increase in retail interest,” according to Mike Alfred, CEO of fintech and data company Digital Assets Data.
Bitcoin goes through a process called halving every four years. The inbuilt mechanism reduces the reward per block mined on bitcoin’s blockchain by 50 percent. Essentially, reward halving cuts the pace of supply expansion by 50 percent every four years.
See also: Bitcoin Halving, Explained
The cryptocurrency is set to undergo its third-ever reward halving next month, following which the per block reward would drop to 6.25 BTC from the current 12.5 BTC.
The popular narrative is that halving is a price-bullish event. Bitcoin’s price has witnessed a solid rally over the past few weeks. The top cryptocurrency is currently changing hands near $7,050, representing over 80 percent gains on the low of $3,867 registered on March 13.
As such, one may associate the recent price rally with the uptick in the search interest for bitcoin halving. However, it is doubtful anybody would be able to establish just how much of that rise in interest has translated into actual purchases of bitcoins.
It’s quite possible that the retail community is merely searching for information about halving and its impact on price, but is sitting on the fence. Even the analyst community is divided on the prospects of a post-halving price rally.
Some observers expect the 50 percent…