Bitcoin Price Peaks And Falls Correlates With Googles Search Interest
The tremendous growth in Bitcoin throughout 2017 correlates almost perfectly with an increase in Google search interest This is a clear indication that the rise in trading price was not facilitated by a rise in the value of Bitcoin An “economic bubble” is trade in an asset at a price or price range that strongly exceeds the asset’s intrinsic value. As can be seen in the graph, the price of Bitcoin rose from ~15% of it’s max value to it’s max value in the space of a year.This rise was matched by a corresponding increase in Google search queries. The price of a Bitcoin then drops by ~50% when the “fad” cools, as shown by the drop in number of Google search queries.
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