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Author Topic: [2019-04-17]Google Trends: Cryptocurrency Users Buy Bitcoin Only  (Read 78 times)
Vladdirescu87
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April 17, 2019, 01:34:54 PM
 #1

The data provided by Google Trends shows that the search phrase “buy Bitcoin” only multiplied in March after the price of the cryptocurrency started surging.

According to the chart, the interest in Bitcoin (BTC) – the leading crypto by market cap – crowded on Wednesday April 3, reaching an all-out score of 100 on Google Trends. At the time, BTC was trading about $5,300, a significant upsurge of more than 26% as compared to 48 hours before when it was changing hands at around $4,200.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: http://bit.ly/2IE5bUi

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April 17, 2019, 02:33:59 PM
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I'm surprised that they have quoted an analysis coming from MagicPoopCannon in tradingview as he usually gets a lot of hate by having a lot of his predictions as having a bearish scenario. With the scenario he has given again he expects Bitcoin to gown back below to 3600$ which I can say is possible but I don't say he is right that BTC would suddenly drop fast at that level. Now for the article itself why do they relate Gtrends on the buying patterns in the market? If we only believe that then all of the other cryptocurrencies should be down by now which isn't even the case.

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April 17, 2019, 02:36:12 PM
 #3

So, since Google Trends shows that more people are using the "buy Bitcoin" keyword it means more people are buying Bitcoin? It can show interest in buying but doesn't mean they're buying.
Crazy how people can draw a conclusion from a single graph. Aslo how does it mean people buy btc only?

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April 17, 2019, 03:10:14 PM
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During the peak of 2017 there was a significant increase in users searching for bitcoin so the google searches are a good indicator, albeit an indirect and unconventional one

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April 17, 2019, 03:23:21 PM
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I'm surprised that they have quoted an analysis coming from MagicPoopCannon in tradingview as he usually gets a lot of hate by having a lot of his predictions as having a bearish scenario. With the scenario he has given again he expects Bitcoin to gown back below to 3600$ which I can say is possible but I don't say he is right that BTC would suddenly drop fast at that level. Now for the article itself why do they relate Gtrends on the buying patterns in the market? If we only believe that then all of the other cryptocurrencies should be down by now which isn't even the case.

Well, maybe because Magic has 23k+ followers on twitter they think he deserves to be quoted. Also he has made some bullish predictions recently



But I'd rather prefer they were quoting people like Andreas Antonopoulos (476k followers), Brian Armstrong (286k followers), Charlie Shrem(158k followers) and such.

Regarding Google Trends, I do believe they reflect the real situation to some degree. Not only people are googling “buy Bitcoin” more frequently during the recent days, but Bitcoin is actually rising.

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April 17, 2019, 06:37:57 PM
 #6

During the peak of 2017 there was a significant increase in users searching for bitcoin so the google searches are a good indicator, albeit an indirect and unconventional one

The mainstream media always refers to Bitcoin when there is a significant price increase or decrease.

You don't ever see them cover how Ethereum or XRP has gone up or down a lot. In that regard, the most probable search option will be Bitcoin related. Another thing is that most unregulated exchanges offer only crypto to crypto trades, and you need to buy Bitcoin first to buy whatever altcoin, so Bitcoin is the most probable search option here too.

I always found these Google trends to be extremely flawed because they lag behind the actual trend itself. By the time Google trends have peaked, the actual peak in demand for whatever coin might already have faded with how quick things can change here.

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April 17, 2019, 07:41:02 PM
 #7

At the time, BTC was trading about $5,300, a significant upsurge of more than 26% as compared to 48 hours before when it was changing hands at around $4,200.
So basically, most newbies or people not currently in crypto are only interested in buying bitcoin after it surges in price? This is the same behavior we saw during the height of the bull run. People buying in for the first time at $15k+, then selling a few months later at an 80%+ loss, calling bitcoin a scam, and quitting. I wouldn't be at all surprised if at least some of the users who exhibited this exact behavior at in 2017/18, are now back again, buying in after a surge in price, and will sell again at a loss. If not them, then it seems there is a constant supply of other new users ready to buy in at the wrong time.

Still, at least it seems the majority are sticking to bitcoin this time instead of getting scammed by some useless altcoin.



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April 17, 2019, 09:52:23 PM
 #8

With the scenario he has given again he expects Bitcoin to gown back below to 3600$ which I can say is possible but I don't say he is right that BTC would suddenly drop fast at that level.
At least his prediction makes more sense than all the delusional bears thinking that the price of Bitcoin has to dive under the $1000 mark first to settle a bottom. I'm sure they are biased because they are short.

As far as OP goes, the trends follows price action and if you take that into consideration, it's not that surprising that people search for Bitcoin. During last year's crash people searched for Bitcoin too.

The positive side however is that the Alexa ranking of Coinbase is improving after a very long period of continuous decline, so the interest seems to be real as far as I can see. Spot exchanges are a decent enough indicator for that.

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April 17, 2019, 11:53:19 PM
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It's obvious because people are collecting more investment due good sign of bitcoin possible give huge bounce back in the market. But for sure not all people are focus to buy bitcoin, trader continue to buy altcoins for their daily trading job.

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April 18, 2019, 05:58:39 PM
 #10

So, since Google Trends shows that more people are using the "buy Bitcoin" keyword it means more people are buying Bitcoin? It can show interest in buying but doesn't mean they're buying.
Crazy how people can draw a conclusion from a single graph. Aslo how does it mean people buy btc only?

I quite agree with you, searching 'buy Bitcoin' isn't a proof that users are buying bitcoin only. The main reason why this keyword is getting hot is because term bitcoin is more famous than cryptocurrencies among non-user of crypto. They can't specifically differ between the two. That's why they search 'buy Bitcoin' instead of 'buy cryptocurrencies'. Most of the people in my country have heard about Bitcoin from one place or the other. The common perception among people is that Bitcoin is some kind of high-risk investment which can yield quick returns. They hardly are aware of the concept of cryptocurrencies. So this keyword is the result of search trend of such people. However, it doesn't guarantee that they actually buy bitcoin.


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April 18, 2019, 06:11:49 PM
 #11

It's right when we're only talking only with data from Google Trends.

But most people know Bitcoin before know other Cryptocurrency usually have no idea how to Buy Bitcoin and when they know how to buy Bitcoin, they would know how to buy another cryptocurrency as well.
They won't use keyword such as "Buy Ethereum", but "Ethereum Exchange" or "Cryptocurrency Exchange" instead.

Besides, there are many keywords could be used when someone want to Buy bitcoin, such as "Bitcoin Exchange", "Trade Bitcoin" or even "Investing Bitcoin"

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April 18, 2019, 09:32:45 PM
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It's right when we're only talking only with data from Google Trends.

But most people know Bitcoin before know other Cryptocurrency usually have no idea how to Buy Bitcoin and when they know how to buy Bitcoin, they would know how to buy another cryptocurrency as well.
They won't use keyword such as "Buy Ethereum", but "Ethereum Exchange" or "Cryptocurrency Exchange" instead.

Besides, there are many keywords could be used when someone want to Buy bitcoin, such as "Bitcoin Exchange", "Trade Bitcoin" or even "Investing Bitcoin"
But "Buy Bitcoin" would be the simplest thing to be put up on someone's mind when we do talk on buying some crypto specially for those people who do have zero-knowledge with crypto.

I cant really deny on the fact that people are just buying when price hype or rally is taking on place which it do put up questions on mind that why these things havent been done when price is still on low range?
Due to unpredictability of price,there would be always a doubt.

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