Bitcoin Analyst Says Weak Social Interest May Be Due to Lasting Reputation Damage
Financial analyst Benjamin Cowen has pointed out an uncomfortable reason why interest in cryptocurrency hasn't returned to pre-pandemic levels. In a recent video, he suggested that weak social interest may reflect lasting damage to how the public views the space.
Cowen cited Google Trends and Wikipedia searches for Bitcoin as indicators of this trend, noting that they remain near multi-year lows. He pointed out that prior bear markets saw a rebound in search activity around their bottoms, but this time it's not happening.
One reason Cowen thinks social interest is low is because of the proliferation of memecoin grifts and scams. He compared Bitcoin's current situation to gold's early 2010s, when its social interest was similarly depressed before a multi-year bull run.
Cowen also noted that thematic exchange-traded funds (ETFs) often underperform for years after launch, which could explain the lack of renewed public attention. He awarded points to both sides throughout his video, but ultimately didn't give a final score or call an exact bottom.