[2019-06-24] Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphor

[Vladdirescu87]

Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria

Data from Google Trends’ search analytics resource indicates that internet googling of ‘bitcoin’ (BTC) is approaching a monthly high as of today, June 24.

According to the data, searches for bitcoin are continuing their ascent in the week after the unveiling of Facebook’s new cryptocurrency and blockchain-powered financial infrastructure project, Libra, even as searches for Libra itself have tapered off since June 18 — the date the white paper for the forthcoming token was published.

The resurgent public interest is seemingly correlated with the renewed bull market, with bitcoin is currently trading at $10,881, up almost 35% on the month, according to coin360 data.

By country, the top five nations currently googling bitcoin are Nigeria, South Africa, Austria, Switzerland and Ghana — as compared with Uruguay, Dominican Republic, Nicaragua, Albania and Panama for Libra.

https://cointelegraph.com/news/google-searches-for-bitcoin-starting-to-catch-up-with-10k-euphoria

[CryptoBry]

As bitcoin has been ascending, it is naturally attracting more and more people to search more information and news updates on its happenings and I am surprised that top countries are from the continent Africa which can partly confirm that there is really a bright future awaiting for cryptocurrency on this side of the globe. Will this be the signal of a big FOMO that can swarm bitcoin and other cryptocurrencies? Let's wait and see what can happen in the next few weeks if bitcoin can be able to hold on to the great gains it so far achieved. 

[Vishnu.Reang]

This is exactly what happened during the 4th quarter of 2017. As the Bitcoin prices moved past the $10,000 mark, there was widespread coverage about cryptocurrency in many of the mainstream media outlets. This in turn attracted many of the mainstream investors, many of whom took the plunge due to the fear of "lagging behind". But there was one major demerit with this cycle. The new investors couldn't distinguish between Bitcoin and the other cryptos and many of them invested huge amounts in to worthless shitcoins.

[Kemarit]

Nigeria and South Africa in the top two, does it mean that they are interest or just FOMO setting in again after breaking the 5 digit barriers? Just interesting to see those country though specially Nigeria on top of the list, because as far as I know, their government has been issuing memorandum about the potential risk on investing on bitcoin.

There are at present 10 cryptocurrency exchange platforms in Nigeria otherwise termed e-currency exchanges as well as online training courses on how to buy trade and invest in cryptocurrency.  The interest of individuals in this area is slowly but surely increasing. The Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) both regulators of the money market and capital market respectively have intermittently given warnings (somewhat of a buyer beware notice)to the public regarding investing in cryptocurrencies. This notwithstanding, cryptocurrency in Nigeria and its trading has not been prohibited. While it is trite that there is currently no legislation in this regard, the main issue seems to be the status of cryptocurrency. Different jurisdictions have stated cryptocurrency to have the status of either security, currency, property, cash equivalent, asset or commodity and this has made it easier to be legislated on, regulated and monitored. This is however not the position in Nigeria.

(https://oal.law/cryptocurrency-in-nigeria/)

[o_e_l_e_o]

This is exactly what happened during the 4th quarter of 2017.

Similar, but not exactly the same.

At the start of December 2017, when prices were more or less where they are now, searches for the phrase "bitcoin" were around 4x higher than they are currently, and searches for the phrase "buy bitcoin" were around 8x higher. Certainly the trend for both searches is currently upwards, but not at the same speed as it was during the end of 2017. I think this is a good thing. It suggests that the current price growth is more organic and less driven by newbies flooding in to the space and throwing their money at things they don't understand.

[Schirer]

This is exactly what happened during the 4th quarter of 2017.

Similar, but not exactly the same.

At the start of December 2017, when prices were more or less where they are now, searches for the phrase "bitcoin" were around 4x higher than they are currently, and searches for the phrase "buy bitcoin" were around 8x higher. Certainly the trend for both searches is currently upwards, but not at the same speed as it was during the end of 2017. I think this is a good thing. It suggests that the current price growth is more organic and less driven by newbies flooding in to the space and throwing their money at things they don't understand.

Hi, it would cool to know where you get those numbers, also from google trends?


Google trends does not give absolute values for searching, they just evaluate the popularity of the region. But if you take larger scale - 5 years,  it seems that it gives a good comparison and the new search volume seems to be tiny compared to year 2017.

[Betwrong]

This is exactly what happened during the 4th quarter of 2017.

Similar, but not exactly the same.

At the start of December 2017, when prices were more or less where they are now, searches for the phrase "bitcoin" were around 4x higher than they are currently, and searches for the phrase "buy bitcoin" were around 8x higher. Certainly the trend for both searches is currently upwards, but not at the same speed as it was during the end of 2017. I think this is a good thing. It suggests that the current price growth is more organic and less driven by newbies flooding in to the space and throwing their money at things they don't understand.

I agree. Those who are fast in buying usually are fast in selling too. At first, they contribute to the rapid growth of prices, but later, as soon as the price just drops a little, they start panic selling like madmen making the price crash. We'd seen it before, and we definitely don't need that anymore.

[o_e_l_e_o]

But if you take larger scale - 5 years,  it seems that it gives a good comparison and the new search volume seems to be tiny compared to year 2017.

Yes, this is exactly what I did:

https://trends.google.com/trends/explore?date=today%205-y&q=bitcoin
https://trends.google.com/trends/explore?date=today%205-y&q=buy%20bitcoin

"Bitcoin" is currently sitting at around 17, compared to 65 in December 2017, and "Buy bitcoin" at 8, compared to 68.

they start panic selling like madmen making the price crash. We'd seen it before, and we definitely don't need that anymore.

It will 100% happen again. It would be naive to expect bitcoin to simply sit on a steady trajectory towards $50k or wherever you think we are headed. It can and will pull back at some point. I won't pretend to know when or how big that will be, but when it happens, the newbies who have just bought will be the weakest hands and eager to sell, even at a loss.

[webtricks]

This is exactly what happened during the 4th quarter of 2017.

Similar, but not exactly the same.

At the start of December 2017, when prices were more or less where they are now, searches for the phrase "bitcoin" were around 4x higher than they are currently, and searches for the phrase "buy bitcoin" were around 8x higher. Certainly the trend for both searches is currently upwards, but not at the same speed as it was during the end of 2017. I think this is a good thing. It suggests that the current price growth is more organic and less driven by newbies flooding in to the space and throwing their money at things they don't understand.

I won't say it looks like organic completely. Bitcoin market is still looking very volatile hence mostly driven by speculation. But we can say that the circle of investors have increased lot since 2017. We now have bigger market for Bitcoin. Hence longer and more consistent bull run seems possible from here. It also shows that price won't collapse easily like it did in 2018. But as the price increases, the number of newbies will again surge and we may see bubble forming somewhere around $25-30K in future.

[timerland]

There is really nothing useful to be extrapolate out of this.

We already know the clear cut correlation between price and mainstream attention, and google searches is essentially a measure of what the prevailing mainstream sentiment currently is within the market, and nothing more.

It's an indicator that will trail price movements, rather than precede. Which means that I believe any attempt at predicting future market movements using google's data will simply be futile. People citing this as TA is just misinformed imho.

What should be analyzed should be the fundamentals, i.e., how much real adoption the network is receiving. Attention =/= adoption.

[BitHodler]

It also shows that price won't collapse easily like it did in 2018. But as the price increases, the number of newbies will again surge and we may see bubble forming somewhere around $25-30K in future.

Don't take this market too serious yet. It looks great right now and people gain back confidence with how we haven't seen a massive correction yet, but this market is still largely speculative.

We will see that massive correction when nobody expects it, just like how we have gone through the current parabolic rise that nobody expected. It will hit this market in a brutal manner, possibly just like how we have gone from $6000 to $3000.

Not respecting important resistance levels on the way up makes me a bit worried about what happens with these levels once we go down. Usually resistance levels turn into support levels, but in this case I'm not sure.

[carlfebz2]

This is exactly what happened during the 4th quarter of 2017.

Similar, but not exactly the same.

At the start of December 2017, when prices were more or less where they are now, searches for the phrase "bitcoin" were around 4x higher than they are currently, and searches for the phrase "buy bitcoin" were around 8x higher. Certainly the trend for both searches is currently upwards, but not at the same speed as it was during the end of 2017. I think this is a good thing. It suggests that the current price growth is more organic and less driven by newbies flooding in to the space and throwing their money at things they don't understand.

We don't know actually if these numbers do signifies people who are already aware with bitcoins existence or just simply those newbies didn't tend to jump
in because they are aware on what happened on 2017? I do rather much prefer on having this organic growth rather than seeing a sharp spike.
Its normal to see that these searches are rising in numbers specially when the market is hyping up once again.

[Slow death]

Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria

how does it work? people look at the news that bitcoin has raised the price to $ 10,000 and then go to Google to do research? that's how it works? Sorry for my ignorance, but I'm curious to know if that's how it works.

after the unveiling of Facebook’s new cryptocurrency and blockchain-powered financial infrastructure project, Libra, even as searches for Libra itself have tapered off since June 18 — the date the white paper for the forthcoming token was published.

Libra will have to face the central banks

French Central Bank: Facebook’s Libra May Need Banking License

It will not be an easy task

The resurgent public interest is seemingly correlated with the renewed bull market, with bitcoin is currently trading at $10,881, up almost 35% on the month, according to coin360 data

The price is currently at $13700

[hatshepsut93]

Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria

how does it work? people look at the news that bitcoin has raised the price to $ 10,000 and then go to Google to do research? that's how it works? Sorry for my ignorance, but I'm curious to know if that's how it works.

Something like that. In the last few days, I've googled much more Bitcoin-related things, like "bitcoin indicators" and "bitcoin technical analysis", then ever before, so I too have contributed to the rise of Bitcoin in Google trends.

People in the past were saying that Bitcoin price follows Google trends, but it is clear as day that it is the opposite - Google trends are lagging behind the price, and it totally makes sense.