By CCN.com: Bitcoin might be uncorrelated to the stock market, but searches for the top cryptocurrency are highly correlated with that of Kim Kardashian. ConsenSys ...
By CCN.com: Bitcoin might be uncorrelated to the stock market, but searches for the top cryptocurrency are highly correlated with that of Kim Kardashian. ConsenSys points out the similarities in a recent blog post in which it compares the popularity of the biggest cryptocurrency with pop culture, politics, and corporate America.
Bitcoin’s impressive bull run in 2019 has put it back on the radar of people inside and outside of crypto. Its popularity knows no bounds. Bitcoin has become more popular than Donald Trump, Tesla, and Kim Kardashian for much of 2019, according to Google Trends data cited by ConsenSys.
Anecdotally, it’s a signal that cryptocurrencies are at the very least piquing the interest of the public and could catch on like wildfire beyond the likes of anything seen before, even “Keeping Up with the Kardashians.”
Bitcoin has completely distanced itself from Donald Trump and Kim Kardashian searches on Google Trends and is operating in a league of its own. And while it held the lead over Elon Musk’s Tesla for much of this year, the electric vehicle maker has most recently taken over alongside some gains in its stock price. The BTC price, meanwhile, has been lackluster this week, which could explain the sharp reversal. ConsenSys points out that Bitcoin led its “motley pack” over “four separate periods” since last June. They also reveal the recent 2019 BTC price peak coincides with the top bitcoin searches.
Bitcoin vs. Trump
Bitcoin and Donald Trump were neck-and-neck, and as ConsenSys pointed out they jockeyed for position nearly a dozen times over the course of 2019 so far. That is until recently, when Bitcoin searches ran away with it. Perhaps all of the trade-war tensions have been fueling the shift in interest away from the most polarizing political figure toward the one thing that can shield investors from the fallout on stocks. Trump’s searches have most recently turned higher while bitcoin’s – though in the lead – are losing steam.
Make no mistake – Bitcoin searches on Google Trends have been surpassing those of Kim Kardashian all year. But the peaks and valleys of both search terms are highly similar, a phenomenon that ConsenSys refers to as a “dubious correlation.” Perhaps when people need a break from reality, they think of cryptocurrencies and Kardashians. Kim Kardashian is currently trailing behind Bitcoin, Tesla, and Donald Trump in the No. 4 spot.
Here’s where Bitcoin finds some real competition. Searches for Elon Musk’s company have inched higher than those for Bitcoin. Note, however, that bitcoin’s search peak remains higher than that of Tesla over the last 12 months. Tesla search increases have coincided with a good week for TSLA shares, which has been rare this year.
ConsenSys also experimented with searches for Ethereum (for which it serves as an incubator for projects), which can be viewed here.
Bitcoin searches are most popular across ” continental Europe, India, Brazil, and much of eastern Asia,” according to ConsenSys citing Google Trends data.