“Here Are The 3 Questions We Hear Most About Bitcoin Right Now”

As DataTrek’s Nick Colas, formerly chief market strategist at Convergex Group, writes overnight, “we’re doing our best to make sure we don’t flood you with bitcoin/crypto information because there are plenty of other issues with broad appeal.” However, he finds that hard to do when the topic dominates both financial news headlines and popular imagination… and when it goes from $11,000 to $8,900 in two hours.
To address some of the pent-up confusion, here are the three questions (and answers) Colas it getting most about bitcoin at the moment:
#1 Where is all the new interest coming from (i.e. is it just the US?)
Looking at Google Trends, the top five countries for bitcoin searches over the last 24 hours are: The Netherlands, Australia, South Africa, Singapore, and Switzerland. The US is in 8th place. Searches for ‘Coinbase’ (a popular wallet app) come from Malta, Singapore, the US, Norway and Switzerland (in that order). Within the United States, bitcoin is strictly a bicoastal phenomenon. Google searches come most from New York, California, Hawaii, New Jersey, and Washington. Searches for Coinbase look the same.
The upshot is that bitcoin is a tech-enabled (and therefore global) phenomenon, which is a critical feature of its price advance. We can’t think of another financial asset in history where the majority of the world’s citizens can invest as easily as they view an Instagram picture or chat on Twitter. And on that point, one fun (and perhaps telling) statistic: in the US, Google searches for bitcoin are 6-7x greater than those for ‘Kim Kardashian’. Enough said…

This post was published at Zero Hedge on Nov 30, 2017.

Comments are closed.