11 Dec COTW: Crypto FOMO
The chart below can be downloaded here.
Bitcoin’s meteoric rise this year has taken the peer-to-peer payment system from $956 to over $16,000 per “coin” as of this morning, a 1,637% increase. That rise has naturally attracted investor interest, which has increased the price, which has attracted interest… rinse, repeat.
Similar increases & interest have been seen in a host of other digital or “crypto” currencies. This week’s chart shows the price of bitcoin relative to the Google Trends search index for “bitcoin” (ht. MarketWatch for idea). We have also included some interesting stats that show both how popular & inefficient bitcoin has become.
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