Sunny Ray, co-founder and president of Unocoin, India's leading Bitcoin company, recently shared an interesting chart which differentiates the level of interest the general population has for Bitcoin and Blockchain.
bitcoin (blue) vs. blockchain (red) on google trends...interesting trend... pic.twitter.com/AevWSDU3VR— Sunny Ray (@SunnyStartups) January 9, 2017
Over the past two years, a significantly large number of users continuously searched the keyword “Bitcoin” on Google, especially amid strong price rallies. In the chart provided by Ray, it is evident that the interest directly correlates with the performance of Bitcoin on the market, as Google searches for “Bitcoin” peaked globally when its price reached an all-time high in late 2013.
At the end of 2016, the number of searches for the keyword “Bitcoin” surged again, amid Bitcoin’s strong price rally which allowed the digital currency to surpass multi-year highs. It also surpassed its all-time high market cap of $15 bln, reaching $17.5 bln at its peak.
One major reason behind the surge of interest in Bitcoin over certain periods of time is that the demand for Bitcoin is heavily dependent on the market. Because Bitcoin has an actual user base that considers the digital currency to be a global store of value and a legal tender, its value depends on its investors and traders.
Blockchain fails to captivate general population
In contrast, Blockchain technology, despite its vast potential, failed to be adopted by large industries and major financial institutions. Although blns of dollars was allocated for the development of Blockchain over the past two years, the technology was failed to be commercialized by its early adopters.
Eventually and inevitably, the general population lost interest in Blockchain due to the non-fulfilment of its hype and the anticipation of investors.
Throughout 2016, a year in which major financial institutions and banks including the Deutsche bank and Santander bank announced their plans to adopt Blockchain technology, the interest in Bitcoin increased slightly, as the general population anticipated the deployment of at least a few commercially successful Blockchain platforms.
However, the financial industry did not see the emergence of successful Blockchain platforms, and the interest in Blockchain declined by the end of last year.
Experts say future of Blockchain is still bright
Still, various experts and analysts, including the world’s most popular Bitcoin wallet service provider and Blockchain CEO Peter Smith, believe that the future of Blockchain technology is still optimistic, and early adopters will see the value of the technology in the near future.
“I believe that radical innovation comes not from incrementally improving the current system but, rather, from building a new system purpose-built for today’s global world. And as far as Blockchain is concerned, that will continue throughout 2017 and beyond.”