By Evan Spicer
Director of Cryptocurrency Investigations
June 2022 was a rough month for cryptocurrency, with bitcoin erasing much of its gains and some cryptocurrencies tumbling to near zero valuations. Many crypto enthusiasts have cooled, or at least have become more cautious, in an increasingly uncertain future for digital assets.
Although very few believe that cryptocurrency will disappear from the financial map, there is one place that crypto skepticism seems evident – internet searches.
The internet habits of those who want to find out more about cryptocurrency have shifted in the past weeks. Not too long ago, search terms centered around the topic of cryptocurrency trading and investing were dominant, but now more people are wanting to find out more about crypto frauds – either to avoid the threat of crypto crime or because they have lost money to one of these schemes and are seeking restitution.
According to some reports, searches connected to crypto fraud or more commonplace than those focused on finding out more about digital currencies. The well-known market intelligence platform found that the search term “Is crypto a scam” performed 353% better than “How do I invest in crypto.” In addition, between the months of April and May, “How do I invest in crypto” fell by 28.9%.
However, there are a few caveats interpreting this data. Although it seems there is a general trend towards people wanting to find out more information about crypto fraud and a decline in searches on crypto trading information, the number of neutral searches on terms such as “bitcoin” have been unchanged, and regarding some terms, have risen slightly. This demonstrates a steady fascination with crypto assets even as consumer seem more mindful of crypto frauds.
Is This the End of Crypto?
Given the enthusiastic adoption of cryptocurrency as a payment option among mainstream companies, the widespread use of blockchain technology and major crypto public and private projects currently under development, it seems unlikely that cryptocurrency will disappear.
Many experts compare the recent crypto selloff to the dot.com crash in the late 1990s. This seemed catastrophic for new online companies at the time, but in retrospect, it can be viewed as a kind of necessary purge that established the stability of certain dot.coms and eliminated weaker players. The same may be true for cryptocurrencies.
Along with the fluctuations in bitcoin price, another major risk on the cryptocurrency scene is the specter of crypto scams. The FBI has identified crypto scams as a dominant category of cyber crime with billions lost worldwide in cryptocurrency frauds. Naturally, the rise in these schemes may be a factor in the increase in search terms connected with crypto scams, either by those who wish to remain cautious and look for warning signs or those who are trying to track down their funds on the blockchain.
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If you have lost money on the blockchain through unregulated brokers, bitcoin wallet hacking or fake merchants, talk to the MyChargeBack team. Our crypto investigations will provide evidence to bolster your claim.