Google Search Results a Beacon for Understanding Bitcoin Activity


Sometimes when you want to get some of the best definitions (or estimates) of interest in a topic, you simply look at Google trends.

A new report on Google Trend search analytics shows top origins of Google searches for ‘Bitcoin.’

These turn up results as far afield as Nigeria and Germany, with US hubs Los Angeles and New York also getting in on the cryptocurrency research action.

Overall, Bitcoin searches appear to be at a 17 month high, according to Marie Huillet’s reporting this morning.

“Amid the coin’s current bull momentum, public interest has ratcheted up to levels last seen on 11-17 February 2018,” Huillwet writes, “a week in which Bitcoin swung wildly between around $8,600 and $10,200 in the turbulent weeks that followed its 2017 all-time price highs.”

The simplicity of this analysis is its appeal – by knowing where most people are looking for search engine results, you can project interest, and ultimately, to some extent, action.

It makes sense that one of these origin centers is Silicon Valley, where the tech community is hard at work coming up with applications and complementary technologies to the blockchain.

New York, by contrast, is a financial hub and a population center, but not really a technology haven – and regulators there have been hard on cryptocurrency exchanges. Maybe the story from New York is that consumers and institutions will still maintain cryptocurrency and block chain interest even under regulatory duress.

We can also see where other countries are looking to move on cryptocurrency. All of this helps us to evaluate how coins as a part of fintech are working in our national economies, as well as the greater global economy.

If you believe that the global economy is interconnected, you can see where countries are trying to lead with blockchain and how that might make a difference in your portfolio.

At the same time, Bitcoin is now down to around $11,000 – but that’s still up almost 300% from its lows down around $3,500 to $4,000 in the winter holiday season of last year.

Starting out the new year around $3,800, Bitcoin spiraled up and up with the current rally spring projections of Bitcoin value at 10,000 or 20,000 or more by the end of this year. People are calling 2019 the “year of the blockchain” and suggesting that Bitcoin is going to fare well as the leading crypto currency.

What do you think?