SEARCHING FOR A BITCOIN BOOM
Chambers, recently writing for Forbes, gathered some interesting statistics from Google Trends. Searches for “Bitcoin,” compared to “Trump,” or “Taylor Swift,” are significantly higher. Chambers says:
“Bitcoin has massive brand clout. For whatever reason, the world is fascinated by it.”
Chambers notes that interest in the stock market rises when stock prices slump, but the reverse is true for Bitcoin. If Bitcoin price rises, so do search volumes.
“This suggests to me that stocks are driven by fear and crypto by greed, a tantalizing idea in its own right.”
Search volume for “Bitcoin” peaked in tandem with the cryptocurrency’s market peak. A closer look at the last four months show some recent peaks which appear to correlate with Bitcoin price increases. There is an uptick, so Chambers could be onto something. Although others might wait to see a more definite upwards trend.
It’s worth noting that Google doesn’t give actual search volumes. 100 represents peak popularity for the term. So 50 means there is half as many searches compared to the term peak.
Chambers believes the statistics point to the worst being over. He’s already invested in Bitcoin but was hoping for a lower price point to buy more:
“Which is a drag as far as I’m concerned as I am still hoping for a buying opportunity below $5,000.”
For those already invested in Bitcoin, especially those who bought at Bitcoin’s 2018 peak of $15,000USD and above, the worst being over can only lead to feelings of relief.
IT’S NOT OVER YET, HOWEVER
The worst might not be deemed “over” for a little while yet. As always the buzzword for Bitcoin is “volatility.” Bitcoin’s price dropped again over the past few days and the Bitcoin bears are back in control.
Do you think the worst is over? Who will win out over the next few weeks, Bitcoin bulls like Chambers? Or are the bears really back in control?
Images courtesy of Clem Chambers, Forbes, Google Trends,