btc price - Bitcoin Search on Google Can Tell the Future Price of Bitcoin

Bitcoin Search on Google Can Tell the Future Price of Bitcoin

The cryptocurrency space is now figuring out to have the highest search on Google globally. As per the online report of 2016 and 2017, Bitcoin is the ninth most visited page on Wikipedia.

According to Nick Colas, one of the famous crypto analyst and co-founder of Data Trek Research, the key is looking into Google search and wallet Growth.

The skyrocketing price of Bitcoin and the rapid fluctuations are the results of Bitcoin and related keyword search volume. In discussion with CNBC, Mr.Colas was pointing to an extensive search volume of Bitcoin. He told Bitcoin alone has a sixty percent share of global search.

Statement in Mr.Colas words,

“The data does show the same price trends that we saw for the past 90 days,” he added.

So, What’s trending in search?

Bitcoin.Yes, it was Bitcoin. According to the recent report of “Year in Search 2017” by Google trend, Bitcoin stands on the second place under the “Global News” category. Beside this, Wikipedia report indicates Bitcoin to be visited for 15,026,561 times during 2017.

Additionally, “How to buy Bitcoin” tapped the third spot under “How to” Category.

Mr. Colas was relating his theory to Bitcoin fluctuations and added a note“”Search trends skyrocketed after Thanksgiving here in the U.S. in November of last year. More than doubling in the course of just a couple of weeks,”. That incremental search for the term ‘bitcoin’ actually led to an incremental number of wallets being formed, a method by which people hold bitcoin.”

According to him, when the price was swelling $20000 in mid-December 2017, Bitcoin search was increased, and when it declined between the range of $10000-$11000, the search also drops.

Similarly, Google trend also presents the list of countries contributing more towards Bitcoin. The name that has revealed out was South Africa, Slovenia, Netherland, Nigeria and Australia. Notably, US ranks 16th.

Speculative intangible asset

Mike Ryan, the Chief Investment Officer at UBS wealth management, upon enquiring the reason behind Bitcoin’s rapid rise and fall, said

“We have had this question all around the world. But we joke that most of the people asking the questions are journalists,”

He was further pointing towards articles of journalists which direct the price of bitcoin. Mr. Ryan differentiated three types of people relating to the question and added as follows;

“The first type is those who are hot with the headlines about cryptocurrencies, don’t understand them, but want to. The second are those who have read about the rise of the currency price and didn’t want to miss out. The third are those who want to know whether this will fundamentally alter commerce and if businesses will have to engage with it.”

After the market crash in December 2017, the leading cryptocurrency is still bobbing between $10000 and $11000. Even with all controversies, Bitcoin is still heading over the other digital currency. It became the ninth most visited page of Wikipedia and spotted as a top second keyword in the news category.

This is a guest post made by Tabassum Naiz. Tabassum is an enthusiastic author, Crypto geek, Writer & Digital marketer! She is experienced in writing for Tech, Digital and Crypto blogs. Connect her on Twitter @tabassumnaaz9