Bitcoins are the first asset class driven solely by attention

Bitcoins are the first asset class driven solely by attention





I downloaded Bitcoin price data for 1.4.2012-31.3.2013 and assembled daily Google searches for Bitcoin for the same time period. This is the scatterplot of the two. 90% of the variation in the Bitcoin price is explained by search volume on Google Trends, which is pretty impressive.

Research on the correlation between Google Trends data and stock prices have found correlations between volatility and searches. But to see this direct relationship between actual prices and searches is pretty stunning.

Does this mean that an increase in searches indicates a price increase? It might of course very well be the other way around, that increasing Bitcoin prices lead to more attention.

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