Google Trends Starts to Paint the Picture of People’s Growing Interest in Bitcoin vs Stocks
- Google Trends has recorded surges in Bitcoin searches around the same time as halvings and major boosts in price.
- Regulation and the US-China trade war may be playing a role in this increased popularity
Bitcoin has been a revolutionary addition to the financial market, and it hasn’t stopped being talked about since the moment it came on the scene. It started with absolutely no intrinsic value, and it has since grown so much that it is touted as “digital gold,” becoming a major asset that businesses around the world are starting to accept with the same trust as cash. Could stocks be overtaken by it?
Stocks have been a top investment option for decades for companies and for individuals. However, the increased publicity surrounding cryptocurrency has pushed it out of the spotlight lastly. Consumers around the world have made sure to include Bitcoin in their investment portfolio. If there was still any confusion over whether cryptocurrency has staked a claim in the world, Google Trends can clarify.
Data from Google Trends shows that Bitcoin briefly saw more searches than stocks in 2017, which happened just a few months after the mining reward halving of Bitcoin occurred. Bitcoin again surpassed stocks when its value started climbing towards $20,000 at the end of 2017.
The next halving will happen in the middle of 2020, which could be part of the reason that these searches have increased. President Donald Trump has been tweeting about Bitcoin and cryptocurrency as well, inadvertently leading the public to want to learn more about the asset that he holds substantial disdain for.
The global economic situation likely has a role as well, as Bitcoin becomes a way to invest that is free of the jurisdiction and financial struggles of the world. The trade war between the US and China, as well as the whole Brexit issue, have been reminding the public of the struggle they went through in 2008, immediately preceding the launch of the genesis block of Bitcoin.
As if to push along Bitcoin’s progress, the whole cryptocurrency industry is going through some changes. Regulations are being created around the world, which is both positive and frustrating for investors. Still, it is enough to create questions that consumers are clearly looking to answer.
Presently, Bitcoin is priced at $10,835.83, moving up by only 1% in the last 24 hours. While the increased searches may not actually indicate major growth, it shows that more consumers are learning about what Bitcoin is and what it does. Perhaps this understanding will bode well for the progress of the market.