Searches for “Bitcoin” keyword still hold more sway on Google than those for popular singer Beyonce, even at the time when the cryptocurrency sees its value plummeting. This is an observation made by Brian Kelly, founder, and CEO of Brian Kelly Capital, who recently appeared on CNBC’s “Futures Now” to comment on the recent events that rocked the cryptocurrency world.
Popularity Drop That Never Was
Even with 100 million records and seven studio albums under her belt, Bitcoin still beats Beyonce in terms of its popularity as a keyword people look for on Google, according to Google Trends. This remains a fact even after a spike in searches the singer experienced in April during her performance at Coachella music festival. This trend has been consistent for quite some time now, a testament to the underlying popularity of the world’s largest cryptocurrency, even without the institutional and marketing support that popular culture icons have at their disposal.
Still, Google searches for Bitcoin have dropped in numbers by significant 75 percent this year, prompting insiders to question the dedication of investors to the popular cryptocurrency. In this context, Kelly’s comment serves to remind the public that the interest in Bitcoin still generates huge buzz both online and among the business communities. Judging by the popularity criteria alone, Bitcoin has nothing to fear about. But what are the grounds for this brand of careful optimism?
Hacking Will Only Strengthen Bitcoin in the Long Run
First of all, Kelly’s comments come to the fore at the time when Bitcoin’s price has taken several hits over the past few months. According to him, this is the sign of times at which “speculative froth” surrounding the cryptocurrency is being drained away. Bitcoin went down below $6,800 on Tuesday, which is a ten percent drop since Sunday only, following the hacking of the South Korean crypto exchange Coinrail. The investors responded by selling off the majority of their cryptocurrencies following the news of the virtual heist.
Yet, despite the alarms going off loudly across the crypto world, some experts claim that hacking attacks will serve only to strengthen the rating and status of Bitcoin and other cryptocurrencies. This comes as no surprise as hacking is hardly a novelty in this world. Despite the initial panic, they inflict only short-term damage. Hacking “will be a major driver in strengthening the crypto ecosystem, making it more secure, which is key for mass adoption,” says Christian Ferri, President, and CEO of BlockStar. His colleague Mary Saracco, a Blockchain entrepreneur, points to the fact that hackers will never go vanish from the globe, adding that this only emphasizes the need to introduce more robust security measures in the crypto world.
Impact on Price
Back to Kelly, he sees$6,800 Bitcoin price as a “pivot” in the industry, adding that while $6,500 has acted as a measure of support for Bitcoin, the former actual served as a point of resistance.
“What I’m really looking for is some kind of movement, a bounce off $6,500,” says Kelly. “We don’t really have the volume, there aren’t a lot of catalysts that I can see coming up in the very short term so I’m almost looking for this market to prove it to me,” he concludes.