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Author Topic: Has interest in bitcoin from community increased significantly yet?  (Read 266 times)
tranthidung (OP)
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November 09, 2020, 03:44:27 AM
Merited by mk4 (1)
 #1

Data from Google trend has its disadvantages but let's look at it and get very raw overview (with some sort of bias) on community's interests in Bitcoin from 2009 to Nov 2020.

Despite of the rally in bitcoin price recent weeks and it hits highest price in last 3 years, the interests from community have not yet increased at the same level. I expect to see more increases in search statistics and it therefore can help increase adoption of bitcoin, and capital flows as well as its price.

Best things not yet to come so please make your HODL preparation!

Source link: https://trends.google.com/trends/explore?date=2009-01-03%202020-11-09&q=bitcoin (you can download data and play with it).

Chart

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November 09, 2020, 03:49:35 AM
 #2

Quite a surprising chart to be honest. By now knowing that we're at around $15k, I was expecting at least a spike up(at the very least a size of 1/5 of the 2017 spike). I'm ever-so-slightly convinced that it's the institutional or the so-called "wall street" investors that are buying in right now instead of the retail investors(like what we had in 2017).

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November 09, 2020, 07:40:33 AM
Merited by tranthidung (1)
 #3

The type of information I was looking for these days, but did not manage to find, was that of the number of new users in Exchanges per month. That would be interesting information to follow, but alas, there is no public information on it.

My gut feeling is that we are not near the popular FOMO of end of 2017/ beginning of 2018, where major Exchanges were increasing their number of accounts in the 100k/day (on aggregate (*)), and even had to block account creation for some days. I’d personally rather it would not replicate the exponential pattern, as the aftermaths on a non-organic growth is not pretty.

It’s possible that surpassing the ATH will have a call to the masses, hopefully in a smooth entry pattern. There is not ICO effect now, and the DEFI projects should not constitute a booster with the same effect as we saw a couple of years ago.

(*) 20180107: https://cointelegraph.com/news/exponential-growth-cryptocurrency-exchanges-are-adding-100000-users-per-day
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November 09, 2020, 07:48:48 AM
 #4

Maybe it is because of the platforms being used? There's no way interest in this technology will not increase at this moment wherein Bitcoin's name is again spreading popularity primarily due to the price increase. In the chart above, there was a massive increase in a year, and that was more likely when ATH have been reached. But I am seeing already an increase, it is just that we are expecting for more. Maybe, since the market price just passed $15k USD recently, we are still on the beginning perhaps.
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November 09, 2020, 10:14:10 AM
Merited by DdmrDdmr (1)
 #5

@DdmrDdmr,

I thank you for your request and I have some for you. There are some documents (official or unofficial) sparsely reported. For unofficial, secondary and third-party analytic reports, their validity and correctness are unknown. Fortunately, somewhat we have some figures to have raw insights on historic changes with crypto exchanges' growths.

The crypto market in 2017 and 2018 are crazy and the exponential growths of crypto exchanges are consequently unavoidable. In turn, Customer supports were in serious trouble (Poloniex then Bittrex, they all were surpassed by Binance). You can read articles and get statistics for Poloniex, Coinbase. I will dig with Bittrex for documents.

I don't have too much time now so that I can neither read them all nor dig more and make a Meta-analysis summary report here. I might come back later.

Sources:

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November 09, 2020, 10:36:25 AM
 #6

@tranthidung

Interesting data. 20017, 2018 the year we have ICO boom and also significant events on bitcoin. Now after a years of correction, seems like we are heading upward. Now, seems an actual growth as many institution are into the cryptocurrency. Those who are skeptical before, are joining the digital/crypto currency platform.
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November 09, 2020, 12:00:38 PM
 #7

It is my opinion that the memories are still fresh on what happened at the end of 2017 and what followed during 2018. People are more inclined to remember bad than good things, and I think many people have before their eyes that big correction that happened with $20k to $3k. If we add to this the current situation caused by the pandemic which includes a collective fear followed by job loss, company closures and fear of investing (from small investors), then it is more than clear who is responsible for the price of BTC rising.

It should not be completely forgotten that DeFi plays a significant role when it comes to investments of small investors, because the total investment at the end of September amounted to as much as $11 billion.

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November 09, 2020, 12:27:03 PM
Merited by Lucius (1)
 #8

If we add to this the current situation caused by the pandemic which includes a collective fear followed by job loss, company closures and fear of investing (from small investors), then it is more than clear who is responsible for the price of BTC rising.
In fact, the unemployment rates did not too low compare to previous presidencies. This year, the pandemic triggered the rate down terribly but it did not last too long.

Please check my thread on this: Price of Bitcoin, gold and the unemployment rates in the USA.
After skyrocketing to the peak, the unemployment rate decreased to almost the same rate at the beginning of Obama's second presidency (in 2012). Not too bad! Of course, here I am talking about the rate only and there are more things happen behind the scene (can worse than any imagination or expectation).


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It should not be completely forgotten that DeFi plays a significant role when it comes to investments of small investors, because the total investment at the end of September amounted to as much as $11 billion.
I agree with you. Whales invested in DeFi tokens at low price (I believe it because they are whales) and the ones bought DeFi tokens at high values are small, retailed investors, not whales. DeFi tokens have fallen 10, 20, 50, 100 times from their all time highs withinn a few months. It is a worse nightmare compares to the altcoin falls in 2018 and 2019.

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November 09, 2020, 02:20:38 PM
Merited by stompix (1), tranthidung (1)
 #9

In fact, the unemployment rates did not too low compare to previous presidencies. This year, the pandemic triggered the rate down terribly but it did not last too long.

I have to admit that I am surprised (positively) with the data showing that unemployment did not explode as it was often portrayed in the media. It is logical that the tourism and passenger transport sectors are most affected, but there do not seem to be too many redundancies there either, and some countries have become seriously involved in preserving these jobs by co-financing salaries in these sectors. I was interested in the situation in the EU, and the following chart shows that the rate of over 12% was the peak during 2013, and that after the beginning of 2020 there was a rise in unemployment again, and that we now have a slight straightening of the curve.


It is also interesting that the savings of citizens in the Eurozone are growing and that for the first quarter it amounted to as much as 136% annually, which is a really impressive figure. In other words, people have money, but they are not inclined to invest it in risky things.

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November 09, 2020, 02:33:19 PM
 #10

Of course. Over the past month, the price has increased significantly and this has attracted more people to crypto. And in general, there is a tendency to expand the industry.

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November 09, 2020, 02:47:18 PM
 #11

I am very much happy after seeing BTC is significantly growing especially when Covid-19 disastered the entire business over from couple of months and I thought the price will go down very cheaply even this year thank god BTC has different thoughts and once again it proved the situation has nothing to do with crypto. A worth investment for sure guys believe in this for a better future.










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November 09, 2020, 03:20:41 PM
 #12

Data from Google trend has its disadvantages but let's look at it and get very raw overview (with some sort of bias) on community's interests in Bitcoin from 2009 to Nov 2020.

Despite of the rally in bitcoin price recent weeks and it hits highest price in last 3 years, the interests from community have not yet increased at the same level. I expect to see more increases in search statistics and it therefore can help increase adoption of bitcoin, and capital flows as well as its price.

Best things not yet to come so please make your HODL preparation!

Source link: https://trends.google.com/trends/explore?date=2009-01-03%202020-11-09&q=bitcoin (you can download data and play with it).

That was somewhat expected! Bitcoin has many disadvantages and it seems commoners are showing less interest abou it. The only silver lining is that the corporates are increasingly showing interest on bitcoin and some have also purchased huge amount to keep as reserve fund. So the money flow is happening. But if we talk about the mass adoption, it really depends on many factors and not just price increase.

Also a lot of people have burned their hand back in 2017 when bitcoin reached its ATH. So these group of people probably wouldn't come back to market unless we see 20k+ price this time!

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November 09, 2020, 03:26:08 PM
 #13

Google trend key search is one of the best services google has ever introduced. however this might be because people are getting disappointed in buying a bitcoin and starting to trade with it. you know, since people were mostly scared about this cryptocurrency even from the start, this rise in the price can be logical due to the rise
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November 09, 2020, 03:32:16 PM
 #14

Base on your graph then none yet but hopefully many will going to get more interest in bitcoin after some big news of bitcoin market progress or the hype about bitcoin having a bull run. High chances that it could happen because bitcoin had proven this already and is very unpredictable. Imagine that the current market price now peak @ 15K$ which is the highest market per btc recorded this year 2020. I am positive that with news, hypes and other ways to get more people interested in bitcoin can be a reason for a bull run.
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November 09, 2020, 03:47:05 PM
 #15

Quite a surprising chart to be honest. By now knowing that we're at around $15k, I was expecting at least a spike up(at the very least a size of 1/5 of the 2017 spike). I'm ever-so-slightly convinced that it's the institutional or the so-called "wall street" investors that are buying in right now instead of the retail investors(like what we had in 2017).

this chart follows the price chart for the most part. the 2017 for example has a big jump that matches the big jump of that year in price. obviously when nowadays we get more of a slower rise, we should see a smaller slope too which is mostly what we are seeing at the end of the chart for the last month or so.

with all that said, my guess is that bitcoin is not yet in the media as the "hot topic". nowadays people are mostly concerned about COVID and election (although the later ended).

There is a FOMO brewing...
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November 09, 2020, 04:28:32 PM
 #16

To further pursue what I was on about before on this thread, the following (not too deep) article contextualizes the resurge in price, and relates it to what it calls purchases made by Silicon Valley and ‘smart money’. Mainstream purchases are not current core drivers:

https://cointelegraph.com/news/silicon-valley-and-smart-money-are-behind-this-bitcoin-rally-data-suggests

People tend to flock to the well when it is springing all over common media news, and we’re not there yet (I figure surpassing the ATH is the real call action for the common media ...).

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November 09, 2020, 09:29:51 PM
 #17

It’s not a must that everyone will be searching for Bitcoin on Google before the price will increase, anything can happen, the price can still increase even without the search trending on Google. The price did that the last time, price increased the last time, and the search for Bitcoin started trending on Google after the increase.

So, we don’t have to be using the Google search trends to determine whether there is going to be an increase or not.

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November 09, 2020, 09:36:34 PM
 #18

A massive spike in interest in bitcoin will come when the price rises dramatically. As always there is most interest when we are deeper in the bull run. At the moment people are preoccupied with just staying alive due to covid. 2021 is going to be amazingly bullish for bitcoin, just be patient.

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November 09, 2020, 09:51:26 PM
 #19

People got so wild when seeing the market is bullish just like what they did last 2017.  The chart has never shown another huge spike after that 2017 event, what we are expecting now is how 2021 make a change and brought that some kind of interest to the community as the market trend keep soaring high going near to $20k. If that able to happ[en (as possible) again, definitely, the same scenario that we are going to see and witness another big jump on crypto.
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November 10, 2020, 11:03:30 AM
 #20

with all that said, my guess is that bitcoin is not yet in the media as the "hot topic". nowadays people are mostly concerned about COVID and election (although the later ended).

And I’ve noticed that there aren’t the usual promo posts in my local media on the subject of Bitcoin despite the fact that this has always been the case before. It’s possible that Covid-19 and the U.S. presidential election stole all the attention, but also that the mainstream media has become a little more cautious when it comes to Bitcoin.

If we went into conspiracy theories, some would say that the media deliberately does not pump BTC in order to keep the price relatively low for as long as possible and thus allow some big players to accumulate as much as possible. This is not so far from the possible truth, because we know that the one who controls the media creates public opinion, and today's media are in the hands of only a few world corporations.

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