Economic News

Cryptocurrency Bubble has Already Peaked

Google search interest in “Bitcoin trading” reached a new all-time high for the month of June 2017 and is now 2.14X higher than gold trading”, 2.34X higher than “oil trading”, and 6.25X higher than “silver trading”. When search interest in gold trading” reached a record high in August 2011, gold peaked at $1,900 per oz. When search interest in “oil trading” reached a record high in June/July 2008, crude oil peaked at $147 per barrel. When search interest in “silver trading” reached a record high in April 2011, silver peaked at $50 per oz.

Google search interest in “Bitcoin mining” is now 4.8X higher than gold mining”. The last time this occurred was in November/December 2013, when Bitcoin peaked at $1,119.96 and crashed by 73.8% over the following twelve months to a low of $293.67.

Google search interest in “Bitcoin chart” reached a new all-time high for the month of June 2017, surpassing search interest in gold chart” and “silver chart”. The previous record high search interest in “Bitcoin chart” was reached in December 2013 – the only other time it surpassed gold chart” and “silver chart”. In fact, June 2017 search interest in “Bitcoin chart” has been equal to the all-time high search interest in “silver chart” that was reached in April 2011 when silver peaked at a 31-year high of $50 per oz.

For the first time in history, Google search interest in “Bitcoin wallet” has now surpassed both “Google wallet” and “leather wallet”.

Amazingly, Google search interest in “initial coin offering” is now 2.7X higher than “initial public offering”.

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Source: Inflation US

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