Google Trends

"Google searches for bitcoin up 102% in past week"

It's been pretty flat for quite a while now, but this week has seen more than double the number of google searches for bitcoin.
A good sign I think.

Quote from: NUFCrichard on June 20, 2015, 08:31:05 AM

Indeed, it's funny how all charts look up (vc money, transaction volume, internet search volume) and the price lags behind. This only means one thing: The next bubble will be of epic proportions.

Google Trends has historically been an excellent indicator of bitcoin demand and price ↗

Its another deadcatbounce. Dead cats are very bouncey, they bounce all the time

Could see a price increase since it takes new users a few days to get registered at an exchange.

Quote from: NUFCrichard on June 20, 2015, 08:31:05 AM

Surely that could only ever be seen as a good thing? If 100,000 people google 'bitcoin' & even 25 like what they see & begin to invest in BTC then the price will start to go up & BTC will become more mainstream.
Mainstream adoption is going to take a very, very long time. Google search hits for BTC are a good indication of where we might go in the short to medium term I think. If the search numbers were decreasing that'd be a bad thing but a 102% increase is absolutely a good thing.

Quote from: Mellnik on June 20, 2015, 09:32:15 PM

All calm down, hype has passed.

https://www.google.com/trends/explore#q=Bitcoin&date=today%203-m&cmpt=q&tz=Etc%2FGMT-2

But why did it peak? It looks like it was a big 1 day peak in America on Thursday or so...
Is that when the price went up $25? Might explain it.

Well, for me it doesn't matter if there's a spike as long as the search trend keeps on stable which means that there has to be new people discovering about bitcoin everyday with the interest is always there to make them wanting to search more and learn about it. Especially now that it's almost a year before we finally see the halving, so it's not a surprise that people will start to see it as an opportunity.

with the historical data of BTC price (a value correlated to major exchanges for a fixed value of change), and with the historical information give by google trends, we can really estimate, if there is a correlation and how it's strength for the prediction of future BTC bitcoin.

Maybe with a regression model it's not difficult at all, give at some point (like next xx days) a prediction, that is more than 50% of probability to get correct...
If someone can get somedata in csv I can try with R a simple correlation....

Quote from: chmod755 on June 21, 2015, 12:06:23 PM

I guess the 'Dope' movie was the reason for the search increase.

Quote

Indie teen comedy Dope to become first film to accept Bitcoin payments
In an industry first, moviegoers will be able to use digital currency to buy tickets to the Sundance hit

http://www.theguardian.com/film/2015/jun/15/dope-indie-comedy-first-film-to-accept-bitcoin-payment

OP, I don't think that this movie leads this trends...

Bitcoin is the "hype coin"
A lot of news = profit

Quote from: Morecoin Freeman on June 20, 2015, 03:49:27 PM

Google Trends has historically been an excellent indicator of bitcoin demand and price ↗

A trailing indicator, I believe. At least that seemed to be the consensus here around the last bubble.

Quote from: Shunak on June 21, 2015, 01:10:43 PM

Bitcoin is the "hype coin"
A lot of news = profit

if that was the true, then why we are not increasing with all the good news that did come up recently? are still the big news superior to them in numbers, or because bitcoin don't actually need good news only, it need many people that start investing in it and start using it, this is what i think