Today we are getting reports that the #2 search term on Google(TM) is Bitcoin.
Which comes as a surprise.
You would have thought it would be something like Donald Trump, North Korea or Nuclear War.
But what does that mean for Bitcoin – it means there is demand. The major increase in the price of Bitcoin is probably because of all the PR it’s getting – good and bad. It creates interest and people are jumping in to own their own piece of cryptocurrency. Unlike conventional fiat currency that is controlled by governments printing money and devalues regularly, there is only so much Bitcoin. So that means that as more people buy it and get involved, the higher the price gets.
I have always said that Bitcoin and Cryptocurrency are not fiat currency like sterling and dollar, by their very construction and nature, thus we should not apply the same principles of trading to it. It’s like comparing a cat to a dog, sure they are similar but if you try and walk my cat you’ll find he has his own ideas of where he wants to go and what he wants to do.