With Bitcoin hitting a record high, there is a growing movement to search for that keyword online.
Last week, Google Trends, a measure of public and individual investor interest in trendy topics, showed the popularity of “bitcoin price” at “21” worldwide. .. This is the highest level since June 2019, jumping from 10 about a month ago.
Google Trends “bitcoin price” popularity
Source: Google Trends
Bitcoin hit a record high of $ 19,850 on November 30, after approaching a December 2017 high of $ 19,783 last week. Bitcoin has risen by more than 40% in the 30 days of November, the highest monthly rate of increase since May 2019.
Bitcoin Price Soars but General interest is small
But the Bitcoin market is far from the frenzy of individual investors as seen in December 2017. At that time, the popularity of Google Trends “bitcoin price” reached the maximum value of “100”. In other words, the rise in prices in 2020 may support analysts’ view that it is mainly driven by the influx of institutional investors.
Listed companies such as MicroStrategy, Square, and Cypherpunk Holdings buy and hold Bitcoin as an asset as the global economy slows due to the spread of the new coronavirus. The movement is strengthening.
It is also said that Paypal may have launched a crypto asset service, causing a shortage of Bitcoin supply.
“The difference from the 2017 price hike is that despite the greater geopolitical chaos and widespread adoption, the public is less interested and the supply of new cryptocurrencies is low,” said Finance. Clem Chambers, founder, and CEO of the market website ADVFN.com commented.
“There is no limit” in the long run for Bitcoin Price
Many observers expect institutional investors to drive even greater gains in the long run.
“I think it’s just the beginning,” said Arjun Subbraj, co-founder and CEO of cryptocurrency exchange Giottus. “Isn’t there a tremendous rise in 2021 when Bitcoin becomes widespread and crypto-assets become mainstream?”
Bitcoin is over $ 20,000, “there is no limit” in the long run, Chambers said.
Both traditional and non-traditional media have widely reported December 2017’s all-time high of $ 20,000. Therefore, as long as prices do not exceed that level, individual investors may not be particularly interested.