Google and Its Huge Impact on Bitcoin’s Price: What’s Happening?
Researchers believe that Bitcoin and Google Search Engine are directly proportional. The DataTrek Research’s Co-Founder, Nick Colas assures that Google has an important influence on the market value of the cryptocurrencies.
If you want to find out more about Bitcoin, you should ask Google. The platform hides numerous data about the number of users’ searches, but also about their preferences. Thus, if we go deep in the technology provided by Google, we will find a strong relationship between its search engine and traded virtual currencies.
How is Google connected to Bitcoin’s value?
Online analysts have noticed a proportionality between these two technologies. We all know that the value of digital currencies has dropped considerably in January 2018 on the global marketplace because of the error that occurred inside the CoinMarketCap platform. This has resulted in a worldwide imbalance. Important countries have refused to trade further cryptocurrencies because of money laundering, high risk of hacker attractions, corruption, but also uncontrolled power that can seriously damage a country’s economy.
Numerous investors have dropped their business partnerships with blockchain technologies, but many others have begun to believe in the high potential of the cryptocurrencies usage. However, the results are observable even in Google’s searches. Nick Colas has noticed that this month, searches for Bitcoins and wallets that keep tokens safe have significantly decreased comparing with December 2017’s statistics.
The analyst replied for CNBC that “By looking at the number of people who search for the word ‘bitcoin’ on Google, which has roughly a 60 percent market share of search globally, we get a pretty good sense of where the interest is … The data does show exactly the same price trends that we saw for the past 90 days”.
Why does Nick Colas thinks that Bitcoins and Google are directly proportional?
The analyst is confident that the small number of Google searches about Bitcoins and how they can benefit of its services influence negatively the value of virtual currencies. They believe that users’ interest can be seen in the Bitcoin’s price.
We would like to remind you that the biggest and surprising achievement of Bitcoin’s value was $ 20,000 in December 2017. Today, Bitcoin can be bought and sold at a price listed between $10.000- $12.000.
Also, Nick Colas has found interesting users’ predictions about the future of the most powerful virtual currency, named Bitcoin. The results have shown that Google trend searches relating to Bitcoins include negative opinions about currency’s potential, such as “breakouts” and “pullbacks”.
Colas added in his interview that “We just have to look for the beginnings of good news that will re-accelerate wallet growth to make the thing go higher”. This can be great news for those who are expecting that cryptocurrencies’ prices will break the ice again.
Do you think that Bitcoin and Google Search are directly proportional? Does this mean that in case users start get interested about Bitcoins’ potential on Google, the price will grow significantly?