Bitcoin and stocks are in a faceoff according to Google searches with bitcoin previously dominating, but not much any longer.
Searches for bitcoin used to be a lot higher, overtaking stocks in worldwide searches (pictured above) as far back as December 2016 to dominate since.
The massive volatility in stocks however seems to be changing that, with stocks now overtaking bitcoin searches in the United States.
In America bitcoin has dominated since May 2017, but more recently stocks are at 22 out of 100 while bitcoin is at 7.
That’s because stocks have become something to think about. It used to be you’d just give your money to some kid out of high school who would gamble with it and generally your broker portfolio would show a ‘boring’ 1% up, a day.
Nowadays however people have to worry about whether they still want the kid to gamble with their money, or whether they should give him even more.
It’s a bit unclear what caused that recent big red candle. Corporate media is going with their obsession which is now apparently back on the table to the point Facebook puts a FLU button right on your face.
With the riots now seemingly called off, they’re back to talking about whether people should have a haircut like it’s any of their business what people do.
We think however most people have now turned off their TV and are no longer reading corporate media, so we doubt significantly this has anything to do with their obsession but it could be rumors in regards to China yet again threatening to sell their US treasuries.
It could also be economic data. April in London saw a 20% drop in GDP. They say they opening, and yet no real economic activity seem to really open. So we may get a very bad Q3 too. Meaning GDP may contract more than previously thought.
There’s Powell with his paper printer however so all is fine. The Canadian guy in charge of British money – how the tables turn ey – also was quick to say: we still have our own paper printer boys, as soon as the GDP data came out.
Madam Musel in Brussels has been trying not to just paper print but to also ‘buy’ all the EU gov debt, except those pesky Germans in funny hats told her: nein.
So what’s been happening in stocks is that reality hits them in the face and thus they fall, then the Powells quickly take the microphone and say: BUT WE GOT PRINTAAAAA. Then they rise.
In contrast in bitcoin nothing has been happening when compared to the volatility in stocks.
This fall and rise by 10% in bitcoin even during a sideways is what makes the asset a darling of traders.
But that’s when stocks are boring and only go up. With stocks now also doing rises and falls of 10%, its huge market of near $100 trillion globally is of course a lot more relevant than little bitcoin with just $170 billion, barely 0.1%.
So that’s reflected on google searches with people getting worried, or at least interested, now that in the mind of probably 80% this pjandjemic is very much over.
Hence all attention is turning to the economy with diplomats now finally taking the microphone which maybe opens an opportunity to pave the right direction.