Google searches for “Bitcoin going to zero” reached a record high in the U.S. This month, a surge coinciding with the cryptocurrency’s slide below $70,000 and a more than 50% drawdown from its peak in October 2025. The relative search interest hit 100 on Google Trends’ scale for the U.S. Market in February, according to data released Thursday.
The spike in searches, however, presents a complex picture when viewed globally. Whereas U.S. Interest peaked at 100 this month, worldwide searches for the same term reached that level in August 2025 and have since declined, falling to 38 as of this week. This divergence suggests that the current wave of concern is more concentrated within the U.S. Market.
The U.S. Context is marked by a series of recent economic and geopolitical events. Escalating tariffs announced by former President Trump, coupled with ongoing tensions with Iran and a broader risk-off sentiment in domestic equities, have contributed to market volatility. Retail investors in the U.S. May be reacting more acutely to these headlines than those in other regions, where Bitcoin’s price decline is occurring against a different news backdrop.
It’s important to note that Google Trends measures relative search interest, not absolute search volume. The scale assigns a value of 100 to a term’s peak within a given timeframe and location. A score of 100 in February 2026, when Bitcoin has a significantly larger U.S. Retail audience than in 2022, does not necessarily indicate a greater number of people searching for the term in absolute terms. It signifies a sharper increase in interest relative to previous levels.
Despite the heightened fear, some investors are taking a contrarian approach. Hugh Hendry, a hedge fund veteran who reportedly returned 31.2% during the 2008 financial crisis, is reportedly making a substantial bet on Bitcoin. According to Bitcoin investor and entrepreneur Lark Davis, Hendry is employing a “barbell strategy,” holding Bitcoin while anticipating potential interest rate cuts. Hendry reportedly invested $10 million into Bitcoin in May 2025, believing the cryptocurrency’s current $2 trillion valuation represents a significant gap compared to gold’s $20 trillion market capitalization.
Analysts at Standard Chartered recently indicated that a further price decline to $50,000 is possible before a potential recovery to all-time highs. CryptoQuant analysts have suggested an “ultimate bear market bottom” of $55,000. Meanwhile, predictors on Myriad Markets believe Bitcoin is more likely to fall to $55,000 than to rise to $84,000, with a 64% probability assigned to the downward move. Traders on Polymarket are even more confident that BTC will hit $60,000 before reaching $80,000, placing odds at 68%. On Kalshi, predictors estimate a 36% chance that BTC will trade below $40,000 this year.
On Friday, Bitcoin briefly approached $68,000, despite the announcement of a new 10% global tariff by President Trump following a Supreme Court ruling on previous levies. The CoinDesk 20 Index rose 2.5%, with altcoins like BNB, DOGE, ADA, and SOL leading the gains.
