British interest in crypto down 82% this year
Key Takeaways
- Crypto interest lowest of the year in the UK, down 82% from last last year
- On the other hand, 30% of Brits have bought, or know somebody who has bought, crypto
- This number is continuing to rise steadily – it is the highest since recording of results began in 2019
- Correlation between Bitcoin’s price and Google search interest in crypto is extremely high at 0.72 (1 denotes a perfect correlation, 0 denotes no correlation)
- Data suggest interest will lull until positive Bitcoin price action returns, but mainstream adoption is increasing all the same
Bear markets crush prices, we all know that.
But have plummeting returns also suffocated interest in crypto? We looked into cryptocurrency interest in the UK to see if we could uncover any patterns.
Crypto interest at lowest all year
As crypto has collapsed in the last year from an all-time high of close to $69,000 to where it now sits just below $20,000, interest has followed.
In fact, looking at Google search trends, interest within the UK continues to drip, down to it’s lowest since 2020.
Search volume, as shown in the below chart, has dipped 82% since the all-time high last November. Adding to the worry is the gradual reduction aside from a couple of peaks – recent numbers suggest that this trend may well continue to fall off.
British crypto owners on the rise
On a more positive note, the number of Brits either owning crypto or who know somebody who owns crypto is at an all-time high, coming in at 30%.
This reflects the long-term trend of crypto gaining adoption and moving more into mainstream consciousness. It could also be as a result of the crash being so severe that it has generated lots of headlines, with more people aware of those around them who have bought crypto (and hence are likely nursing heavy losses).
British crypto interest is highly correlated to Bitcoin’s price
It draws the obvious question – quite how correlated is Bitcoin’s price to the overall level of interest in crypto?
The answer is…very correlated. In fact, mathematically speaking the correlation between the two variables comes in at 0.72 over the last year, which considering 1 is a perfect “100%” correlation, is quite remarkable.
I plotted the Bitcoin price against Google search volume on the below chart, which shows this strong correlation in a visual manner.
Final thoughts
In conclusion, the final graph shows – if it was not obvious – why the interest in crypto has plummeted this year.
Bitcoin’s price is down 72% from last November, with the interest in crypto down 82% according to Google. It’s not a coincidence – everybody loves a bull market, and once easy money stops being made, those in it for the speculation disappear.
On the other hand, that data showing that ownership of crypto and general awareness remains on the rise is testament to the fact that, despite the horrendous price action and recent dropoff in interest, crypto continues to move more into the mainstream.
