Google Search Trends Show ‘Blockchain’ is Gaining on ‘Cryptocurrency’ Popularity
In the beginning days of blockchain technology, the tech was often inseparable in the average layperson’s mind from cryptocurrency. The terms were entirely synonymous. But as the tech developed and cryptocurrencies became more mainstream, institutional investors have poured billions of dollars into blockchain technology development, oftentimes expressing little to no interest in actual cryptocurrency technology.
Now research from TheNextWeb reveals that on Google the search term “blockchain” has actually overtaken the term “cryptocurrency” on their massive search engine. While this may not mean that the general public has finally kicked the fallacious association of blockchain with all cryptocurrency, it does send a powerful signal about a changing dynamic within the crypto space. As institutional money continues to express primary interest in the blockchain technology behind cryptocurrency rather than the crypto itself, the public is beginning to see signs of a shift from concern with crypto to a love affair with blockchain technology, a shift which could be very good for the continued institutional adoption of evolving crypto markets and blockchain technology alike.
The data set comes from Google Trends. This information shows that blockchain is becoming more popular for those searching about the crypto space than cryptocurrency. This is a big turning point for some experts in the community, many of whom have been arguing for years that the most redeeming long-term component of the crypto markets is not the glittery cryptocurrency that drives profit, but instead the blockchain technology that allows it all to work.
Declining Crypto Interest
2018 has been a relatively rough year for cryptocurrency. Google statistics show that interest in “cryptocurrency” as a search term peaked towards the end of 2017, likely as a result of the unprecedented and widely-publicized price skyrocket of Bitcoin to over USD $20,000 in December of 2017. But almost immediately following the peak, the search trends dropped significantly, stagnating as the price of cryptocurrency crashed earlier this year.
Blockchain’s search term did not experience quite the peak that “cryptocurrency” did, but it still experienced recent highs following the revelation of Bitcoin’s rocket to the proverbial moon. Following the crash of interest in “cryptocurrency,” however, the term “blockchain” begin to slowly rise in interest.
Blockchain Makes 2018 Gains
One potential reason for the interest in blockchain might be the influx of investors trying to figure out where all the money went in their investments. As the markets began to crash, speculation became more technical as experts explored potential causes for a red and wintery season for most of the cryptocurrency. For the average investor or layperson, this might have piqued their interest in researching the technical aspects of cryptocurrency, especially the blockchain tech that started it all.
It is important to remember, however, that both “blockchain” and “cryptocurrency” are dwarfed in search frequency by “Bitcoin,” which still dominates the public conception of the crypto space and cryptocurrency markets. For the cryptocurrency community, it is important to continue to dispel the myth that Bitcoin is all that crypto is, as well as the myth that crypto is all that matters to blockchain.