The Increase of Bitcoin Value Rise Along with the Rate of Its Search Results in Google
According the analyses carried out by Google Trends, the degree of the word “Bitcoin” being searched gets doubled since the beginning months of 2019.
After a sharp drop Bitcoin has experienced in December, 2018 from $6,000 to $3,150, the crypto-investors lost their hope in the steadiness of this cryptocurrency; although its value returned its booming days again by reaching $10,915; however, all these volatilities can be ignorable comparing to what took place in 2017 when Bitcoin experienced an unprecedented extraordinary soar of $20,000.
The Effect of This Increase on Search Results
The clear conclusion of this bull market in 2017 was raising the interest in Bitcoin too. In a brief look at the results of searching this key word from 2017 to 2019, you can notice a dramatic decrease of about 76%. This critical and effective increase reflected itself differently in various countries; interestingly, as a result of retails and investors’ inclination toward Bitcoin, a sky-high soar of about 23,000 dollars was observed in South Korea.
However, recent bull market of Bitcoin which excites many activists in this field, is not rooted in the same events bringing about such a change in 2017. This time the increase is under the direct influence of institutions.
Considering the recent booming of Bitcoin, this week Thomas Lee who is the co-founders of Fundstrat predicted a double growth for Bitcoin; i.e., from $20,000 to $40,000.
As it was emphasized, the recent value rise is supposedly because of institutions; hence, you can face a low percentage of retails who trust investing in cryptocurrencies because of volatilities they have observed in last year. The predictions of people like Vinny Lingham implying Bitcoin becoming stable at the value of $10000 might be a hope to stimulate retails.