Google Trends experiences an exponential surge around searches regarding the much-anticipated Bitcoin Halving.
The bitcoin having phenomenon is just around 20 days away, and the buzz around it is at an all-time high. As per Google Trends data, searches around the phrase ‘bitcoin halving’ have exponentially surged over the last couple of weeks. This week, the phrase is hovering at a search score of around 90 out of a hundred.
In the second week of April, it toughed at an all-time high of 100, which is the highest score a search query can obtain on Google Trends.
What is Bitcoin Halving?
It is a mechanism that was integrated into the Bitcoin Protocol by its founder, Satoshi Nakamoto. According to this, every four years or 210,000 blocks, the total circulating supply of Bitcoin in the market is supposed to be cut into half.
The next halving is scheduled to be processed on 12th May, and after that, miners will be rewarded 6.25 BTC per block found. Moreover, after Bitcoin halving, BTC’s annual inflation rate will drop from the present 3.6% to 1.8%.
Why is there a Surge in ‘Bitcoin Halving’ Searches on Google?
Cryptocurrency experts across the world are quite excited about the upcoming Bitcoin halving event. This is something completely new for those you have forayed into the crypto space recently. Some even expect that the price of BTC will rise after the halving phenomenon.
According to a survey conducted by Genesis Mining, more than 505 of mining participants expect Bitcoin price to increase after 12th May. Some speculate that it could rise as high as $12,500 post halving.
With so much anticipation going around the topic, it is not surprising that Google has received an all-time high search query scale about Bitcoin Halving.
However, it will be quite interesting to observe the major cryptocurrencies path once the much-awaited BTC halving takes place in May. We will keep you updated with further news regarding this topic.