Bitcoin Price is top Google Search Phrase
Since 2017’s massive 1,900% rally it is not surprising that the top keyword phrase searched on Google is Bitcoin price. Obviously those who’ve invested in bitcoin watch the price, but given there are likely less than 28.5 million bitcoin users currently – it seems a lot more no-coiners are also interested. So let’s take a look at why the price of bitcoin is on the “most watched” list these days, who might be keeping a close-eye and why…
Bitcoin’s popularity is exploding around the globe, with both individual investors and merchant adoption on the rise along with its price. To date, these are the top 10 countries when it comes to accepting Bitcoin for goods and services – with #10 being the least accommodating location:
- Australia (#6)
- Canada (#3)
- Finland (#7)
- Isle of Man (#1)
- Italy (#10)
- Netherlands (#4)
- Singapore (#5)
- Slovenia (#2)
- United Kingdom (#8)
- United States (#9)
The list of Bitcoin nodes (not used in above calculations) shows the USA (39.7%) to be far ahead, with Germany the closest, but in single digits. The list of merchants accepting Bitcoins is rapidly growing also.
Who else is watching the Bitcoin Price?
There are some investment professionals who’ve begun to watch bitcoin price as a possible indicator of shifts in investor sentiment – as a sign of speculative enthusiasm. A story in the Wall Street Journal recently examined the role of Bitcoin price as an early warning sign for risk sentiment. The piece states that the late 2017 high of $19,843 that nearly halved in early 2018 reversed a substantial speculative run that was followed by the first 10% decline in the S&P 500 in two years. There are some starting to wonder if such correlation suggests bitcoin can be viewed as a gauge of investor sentiment for the stock market and other high-risk investments. The Investopedia Anxiety Index (IAI) is a gauge of investor sentiment based on Investopedia readers from around the world – might it be factoring in those watching the Bitcoin price? Interesting, and not a sentiment shared by all.
Investors are starting to take notice and take positions by investing in Bitcoin, despite the fact that many believe it is one of the largest bubbles ever seen. Reasons vary for involvement at this stage, some like the excitement of risky investments and others have a fear of missing out (FOMO). Some realize that while the dot-com bubble may have burst in 2000 – the Internet continued to see exponential growth to the point where now it is an essential part of mainstream life. There are plenty who recognize the potential of Bitcoin and see the similarity altcoins have to the dot-com bubble. Bitcoin’s blockchain is impressive and while many simply do not understand there is no use for a blockchain without Bitcoin – their ignorance on the subject drives them to invest in anything perceived as “blockchain technology”.
Bitcoin price is also watched by those who need to get around government restrictions on the banking sector, as well as those who want a liquid store-of-value that is impervious to government inflation. And there are those who are looking to “get rich quick” that buy bitcoins and spend countless hours watching the price go up and down.
Who is not watching the Bitcoin Price?
There are those who look at the pros and cons of investment and decide the risk is worth taking to gain profit and financial freedom over time. These Bitcoiners recognize an alternative to fiat currency that is not losing its value. They invest because they’ve researched the impressive, disruptive technology behind Bitcoin – and realize they’re looking at the future of money. They also understand that the scarcity is real, and want to acquire holdings before it becomes widely adopted and the Bitcoin price rises out of reach. These are people who understand how government control of gold has limited its monetary role and how dismal government-issued money as a replacement to gold has become.
For the first time in history, individuals can invest in a commodity whose supply is strictly limited and no matter what heights the price reaches – that will not change. Regardless of how many use the network, or how advanced the technology to produce it becomes, or who invests and who doesn’t – there will only be 21 million bitcoins, and they want to ensure ownership of coins for themselves. They don’t care what the bitcoin price is today. They care about the acquisition of bitcoin and how many bitcoins they hold private keys to, because it is the only currency guaranteed not to be devalued, no matter how high the price goes. A person who owns Bitcoin can achieve a level of economic freedom not possible before it was invented. The value of bitcoin does not rely on anyone or anything physical in the world. It can never be completely impeded, destroyed, or confiscated by any political, governmental, or criminal force. Bitcoin is a way to escape the financial clout of governments we live under, and that significance is not lost on a growing number who feel it is priceless.