Peak Bitcoin, hardly.
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As I wrote in Forbes in 2021, the world is waking up to a new reality in regards to Bitcoin – the unlikely truth that Bitcoin’s programming has cyclical effects on its economy.
This has led to at least 4 distinct market cycles where Bitcoin has been branded a bubble, skeptics have rung their hands, and each time, Bitcoin recovers more or less 4 years later to set new all-time highs above its previously “sky-high” valuation.
I personally watched Bitcoin go from $50 to $1,300 in 2013. Then, from $1,000 to $20,000 in 2017, and I watched it go from $20,000 to $70,000 in 2021.
So, I’m just here to relate that, from my past experience, this market cycle is just heating up.
For those who have been in Bitcoin, there’s one tried-and-true and that’s Google Search. As long as I’ve been in Bitcoin, this has been the best indicator of the strength of the market.
Search is low, you’re probably in a bear market. Search heading back to all-time highs? This means new entrants are getting engaged, learning about Bitcoin, and becoming active buyers.
Remember, this is a habit change. Bitcoin HODLers are slowing shifting their assets to a wholly new economy. So, Google Trends search then, represents a snapshot of Bitcoin’s immigration. It shows how many new sovereign citizens are moving their money here.
And it’s something that all who are worried about whether bitcoin’s price topping out in 2024 should pay attention to.
Last year was the Bitcoin halving, and historically, the year following previous halvings has led to price appreciation. Maybe you’re tempted to think, “this time is different” – not me. I look at search and I see a chart that continues to accelerate into price discovery. Trust me when I say no one I know is selling bitcoin.
As shown above, buyer interest is accelerating, and these new buyers have to buy that Bitcoin from somewhere. Add nation states, US states, and a coming Trump administration set to ease the burden on the industry?
Well, I think the chart above says it all really.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.