By CCN: Google searches for bitcoin climbed to a 13-month high this week, in tandem with its price spikes following the brutal 2018 crypto bear market.
Google Trends tracks search interest for certain terms. Interestingly, the countries that are leading the Google searches are not cryptocurrency powerhouses:
- South Africa.
Rising public curiosity over bitcoin isn’t surprising, given how volatile the market has been. An erratic market sparks intense controversy, with proponents and opponents rabidly debating whether the downturn is temporary or is definitive “proof” that bitcoin is a scam.
Bitcoin price spiked in lead-up to crypto conferences
As CCN reported, the bitcoin price rocketed above $8,000 last week after it tanked to a recent low of $3,150 in December 2018. Since then, the original cryptocurrency has made an uneasy but steady recovery.
As of this writing, the bitcoin price is hovering at $7,900 after tumbling to $7,000 on May 17, right after New York Blockchain Week and the Consensus cryptocurrency conference concluded.
Observers point out that the price usually experiences a noticeable bump in the lead-up to — and during — the week-long crypto festivities and then plummets in the immediate aftermath. And that’s exactly what happened this time around.
Analyst foresaw makings of current rally last month
However, CCN projected back in April 2019 that BTC would soon top $6,500. At the time, the market was still in a slump and BTC was trading at roughly $5,300.
But Naeem Aslam, the Chief Market Analyst at ThinkMarkets, told CCN that a bullish trend was forming with speculative shorts that were pushing the price higher.
Aslam also noted that the current market patterns are similar to those that occurred before previous rallies, when the bitcoin price surged to record highs.
Bitcoin’s Explosive Rally Targets $6,500 Next – Analyst Explains Why https://t.co/nRJSo9OVl0
— CCN.com (@CCNMarkets) April 23, 2019
CBS’ ’60 Minutes’ shines spotlight on bitcoin
If bitcoin searches are climbing this weekend, it’s probably because of hype surrounding the May 19 episode of “60 Minutes.”
As CCN reported, the cryptocurrency is being spotlighted on “60 Minutes,” which airs on CBS. The crypto community has long wanted mainstream media exposure for the nascent market, and now it’s getting its chance.
Being featured on the popular news magazine show is a watershed moment for the budding ecosystem. For reference, viewership for “60 Minutes” topped 7.9 million last weekend.
Charlie Shrem was one of bitcoin’s first millionaires, starting a business called “BitInstant” that helped people obtain bitcoins. But poor management and bitcoin’s volatile landscape put BitInstant out of business and made Charlie a felon https://t.co/PdLLTbEk9b pic.twitter.com/8auE3W9VtK
— 60 Minutes (@60Minutes) May 19, 2019
Anderson Cooper: ‘So there’s no actual coin?’
One segment will discuss what crypto is, as highlighted in this comical exchange between “60 Minutes” correspondent Anderson Cooper and Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab.
- Anderson Cooper: “What is a cryptocurrency?”
- Neha Narula: “A cryptocurrency is a — let’s see. How do I– how do I do this?”
- Anderson: “Because if you can’t describe it (laughs).”
- Narula: “I know, I’m trying.”
- Anderson: “There’s no actual coin?”
‘Who is Satoshi Nakamoto?’
Then, there’s this hilarious exchange between 60 Minutes reporter Ann Silvio and 60 Minutes producer Andy Court:
- Andy Court: “Who created this? Who invented this? They must be a real genius. Everyone’s like, ‘We have no idea.’”
- Ann Silvio: “Satoshi Nakamoto. Satoshi Nakamoto is a fake name for somebody?”
- Court: “It’s the name that appears on the paper.”
- Silvio: “Were you able to learn anything more about who Satoshi Nakamoto is?”
- Court: (Laughing) “No.”
- Silvio: “Did you try?”
- Court: “A little. But really, I mean, it’s…it’s just Mission Impossible.”
Then, there’s bitcoin pizza guy: