Bitcoin is now more popular than stocks.
It is no surprise that the cryptocurrency industry is sensitive to public sentiment. Hence, how and what the public perception of the industry is, matters. Add to the mix, the raging success of the stock market in terms of public perception, and digital assets are thwarted.
Stocks and digital assets have been tussling for an age, with the traditional beast always having the leg up. Until now. For the first time in two years, the public sentiment of “Bitcoin” has soared over “Stocks,” according to Google Trends.
Pointed out in the Q2 2019 report by data markets aggregator CoinGecko, Bitcoin was last above ‘Stock’ on this metric back when the digital asset was heading to its all-time-high of $19,800 in 2017. The price chart mimicked the Google Trends chart, as the ensuing correction killed the popularity of Bitcoin, rising during the close of the year as the peak of the crypto-winter dragged the prices down to below $3,100.
Stocks, on the other hand, like in price, maintained a steady trend line, almost parallel to the X-axis.
The main denominator behind the massive increase in interest in Bitcoin and the larger cryptocurrency industry is the rise of big-name players veering to launch their own digital assets. At the top of that list is undoubtedly, Facebook, which unveiled its Libra project last month, starting a media frenzy.
Libra became the bane of the regulatory industry and a boon to mainstream financial media worldwide. Several top financial news outlets like CNBC, Fox Business, Yahoo Finance, the Financial Times, Forbes and more were rolling out wall-to-wall coverage of Facebook’s crypto-foray and it all peaked when regulators began to taken action.
Over the past two weeks, the Federal Reserve Chair, the Treasury Secretary and even the President of the United States, have spoken about Bitcoin and cryptocurrencies. Despite their sentiments not being bullish, they did go a long way in escalating the popularity of Bitcoin.
However, Bitcoin peaked in terms of search results on June 26, when the price broke the $12,000 ceiling as the hype around Libra began to grow.
The countries that were the most bullish on Bitcoin over their stock equivalent were Mexico, Argentina, Russia, Brazil, and Germany. On the other end of the spectrum, the United States, India, and Canada saw surging ‘stock’ searches.
With search results on a high, the crypto-Twitter frenzy unending, and Bitcoin trading in the five-figure range, will public sentiment fuel price? Time will tell.