Google Trends data reveals searches for "Bitcoin going to zero" hit 100 on February 13, the highest reading in over three and a half years. The previous peak of 72 came during the June 2022 market crash, when BTC dropped 37% in a single month. Bitcoin currently trades about 47% below its all-time high of around $126,000 set in October 2025. The Crypto Fear & Greed Index sits at 11, signaling extreme fear.
A Contrarian Bet from a Crisis Veteran
While retail panic intensifies, some macro finance veterans are doing the exact opposite. Bitcoin investor Lark Davis highlighted that Scottish hedge fund veteran Hugh Hendry is buying Bitcoin. Hendry delivered a 31.2% return during the 2008 financial crisis as founder of Eclectica Asset Management. He famously told BBC viewers to “panic” during the Greek debt crisis—and was right.
According to Davis, Hendry is now running a barbell strategy: long Bitcoin while positioning for rate cuts. He sees BTC hitting $1 million but acknowledges a possible 50% drawdown first. In May 2025, Hendry sold property and put $10 million into Bitcoin. His thesis: Bitcoin’s ~$2 trillion market cap vs gold’s over $20 trillion leaves a gap that either closes or doesn’t—he bets it closes.
Saylor and Trump Double Down
Michael Saylor posted “Never been more bullish” on X minutes after U.S. jobless claims came in at 206,000, beating forecasts. Eric Trump told CNBC yesterday that Bitcoin is “one of the greatest performing asset classes” and predicted a $1 million price.
Retail Fear May Be Too Late
Data from crypto intelligence platform Perception shows professional media sentiment bottomed on February 5 and has been recovering for two weeks. Retail fear, measured by Google search spikes, typically peaks with a 10–14 day lag. By the time the public is most scared, the professional narrative has already started to stabilize. Bitcoin trades at $65,948 at press time. The gap between those searching “zero” and those buying has never been wider this cycle.