“Bitcoin $0” Google Searches Surge as Fears of Collapse Spike

▲ Bitcoin (BTC), Google search/ChatGPT-generated image

As fear in the cryptocurrency market reaches extreme levels, pessimistic forecasts that Bitcoin (BTC) could become worthless are spreading, while related search volumes are soaring to record highs.

As of February 19 (local time), analysis of Google Trends data shows that searches for “Will Bitcoin go to $0?” have reached their highest level since the collapse of FTX in 2022. With Bitcoin’s price falling from its October peak of $126,000 to around $66,500—roughly half its value—fundamental doubts about the asset’s very survival are spreading among market participants. The Crypto Fear & Greed Index has plunged to 9, an extreme fear level comparable to the Terra crisis and the FTX collapse.

Fernando Nikolic, founder of digital asset information platform Perception, analyzed that the current wave of fear differs from that of 2022. He noted that while the fear in 2022 stemmed from internal events such as the bankruptcy of major exchanges, the present anxiety is driven by macroeconomic instability and the amplified voice of a single prominent pessimist. In particular, repeated predictions of Bitcoin falling to $10,000 and warnings of a 2008-style financial crisis have saturated media narratives, directly fueling a surge in search activity among retail investors.

Interestingly, while retail investors are gripped by fear, institutional investors are moving in the opposite direction. Major institutions, including the Abu Dhabi sovereign wealth fund, have been increasing their holdings of spot Bitcoin ETFs, while companies such as Strategy continue accumulating Bitcoin despite the downturn. Nikolic added that while negative media sentiment appears to have bottomed in early February and is now recovering, Google search volume is only now peaking, suggesting a lag of about 10 to 14 days in retail investors’ fear compared to media and institutional sentiment.

The Global Economic Policy Uncertainty Index, which reflects worldwide macroeconomic instability, has surpassed levels seen during the 2008 financial crisis and the 2020 pandemic to reach an all-time high, further dampening investor sentiment. As uncertainty rises, companies tend to delay investment, and investors often shift away from risk assets. Additionally, technical concerns such as ongoing fears since October 2025 over potential threats from quantum computing have combined with falling prices to further reinforce the narrative of Bitcoin’s possible demise.

Ultimately, the current surge in searches appears to be the result of plunging prices, macroeconomic headwinds, and technological skepticism converging at once. As Bitcoin has previously rebounded from severe downturns, investors worldwide are watching closely to see whether this extreme fear signals a market bottom or marks the beginning of further declines as predicted by pessimists. Amid a stark divergence in outlook between institutions and retail investors, Bitcoin once again faces a critical test to prove its value as an asset.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses incurred based on this content.