Key points to remember
- Interest in cryptocurrency, according to Google data, is 16.6% lower this year compared to the 2021 global average.
- Bitcoin’s price drop this year is 52.7%, while layoffs and liquidations have also hit the industry.
- The biggest drop in interest is in the Netherlands, with a 37% drop, followed by Ireland and New Zealand.
- The Central African Republic is bucking the trend, with an interest rate of 592% after its own government announced that Bitcoin would become legal tender in April.
- Other African countries – Morocco and Kenya – are following suit, with impressive jumps of 61% and 55% respectively in interest over last year.
- Developing country interest in cryptocurrency has remained firmer than that of the developed world, with many countries growing this year despite the slowdown.
The cryptocurrency market has fallen sharply in 2022. The price of Bitcoin – which is no stranger to volatility – is currently 52% below the $47,700 level at which it was trading on the day of trading. Year.
But it’s not just prices that have fallen. We have seen liquidations of major players as the contagion swirled – including the collapse of former top 10 coin Luna and the death spiral of its stablecoin UST in May, but also bankruptcy filings for crypto lenders Celsius and Voyager Digital, to name a few.
Unfortunately, layoffs have also swept the industry. Nothing more prestigious than Coinbase, which laid off 18% of its staff (1,110 employees), just months after spending millions for a SuperBowl commercial.
So we were curious – has interest waned around the world this year in response to the bull market hysteria coming to an end? If so, which countries’ interests in cryptocurrency have diminished the most?
Interest in cryptocurrencies drops significantly in 2022
The drop in interest across the world is 16.6%, a fairly sharp drop. The worst country is the Netherlands, with a staggering drop of 37%, followed by their European counterparts, Ireland, with a drop of 30%, and New Zealand, with a fall of 28%.
Notably, the United States is next with a drop of more than 26% compared to 2021 search volume. how different the market is today compared to a year ago, contextualizing the layoffs and price crash we’ve seen.
Interestingly, the most resilient countries in terms of interest in cryptocurrency are predominantly developing countries – Morocco, Kenya, Sri Lanka, Nigeria and Colombia all rank among countries where interest has actually increased. For Morocco and Kenya, the two African countries experienced jumps of 61% and 55% respectively.
Interest over the past month has fallen further
The bear market has really accelerated since May when Terra went bankrupt, and as a result, the past few months have been brutal. Looking at the falls in July alone as opposed to all of 2022, the fall is even worse. The global average shows that there are 63% fewer searches for cryptocurrency this month compared to the 2022 average.
New Zealand, Spain, Venezuela and, surprisingly enough, the United States and Canada, are all among the countries with the steepest declines in interest. Searches in the US fell 59%, with Canada just behind at 58%.
Salvadoran President Nayib Bukele often tweets that his government is “buying low” when Bitcoin crashes. It seems that the citizens of his country, where Bitcoin has been legal tender since last year, do not agree.
According to Google Search Trends, interest in bitcoin declined further in July in El Salvador than in any other country, compared to 2021 numbers. A drop of some form is to be expected, given the inevitable rise research when Bukele announced it as legal tender in 2021, but a 63% drop is concerning and highlights both the adverse effect of the bear market and the challenges of integrating the population into Bitcoin in El Salvador .
Overall, interest in 2022 as a whole has fallen 17.9% from 2021, which isn’t quite as sharp as July’s 64% drop – but still a significant drop.
Central African Republic
There was one nation outside of the charts above for scale purposes. And that’s because the Central African Republic is blowing those numbers up. Interest in crypto on July 22 increased by 715% on July 22 (592% for 2022 as a whole) compared to 2021 figures.
This is, of course, because they became the second nation to declare Bitcoin legal tender in April. Not only that, but they went even further – announcing the tokenization of the country’s rich resources (diamonds, uranium, oil) with a newly launched cryptocurrency. « Sango Coin ».
Yet among the world’s poorest countries, and with only 10% of them having internet access, whether this is a prudent move is a story for another day.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.