Bitcoin and the price. Is everyone missing the point?
Updated: Mar 23, 2019
2017: is the year Bitcoin became mainstream. Most people bought it or wished they had. “Bitcoin” ranked #2 on Google's top trending “global news list." The value of Bitcoin went up 2,386.37% from $800 to $19,891. Search results increased coinciding with the price eventually peaking at an all-time high in December 2017. However, had anyone stopped to understand it first?
2018: “What is Bitcoin” ranked #1 on Google's top trending “What is…? list." Many people gained or lost money. Now the world wanted to understand why. As the price dropped from $19,891 to $3,131 (-84.25%), search results decreased just as rapidly.
What does this tell us?
Obviously, human interest and price are concurrent. However, here's what I find more interesting. "What is Bitcoin" was not trending before the price skyrocketed, it came after. Does this suggest that most people bought Bitcoin without understanding what it was first? Lack of understanding is why most people struggle with money in general. It is also a big part of why the price of Bitcoin went up so rapidly and why it came down just as fast. Speculation fueled by ignorance. Most people were only excited to buy when the price was going up without knowing much about it. As for understanding it, it's almost an afterthought.
2019: "What it Bitcoin?" searches dropped to pre-2016 levels. What’s fascinating is that search results aren’t high when the price is low. Clearly, this shows that most people still don’t understand Bitcoin. If they did, they would know that this is the time to get excited. This same story has played out many times before and will play out again. Bitcoin is much more than the price. It is a revolutionary technology, economic philosophy, and can greatly increase the value of money for everyone. For all of humanity, the most valuable thing about Bitcoin is understanding it. The price is secondary. Now is one of the best times to learn about Bitcoin. The next time “Bitcoin” is trending, will you be ahead of the game?