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Money

Bitcoin Is The New Rock And Roll

If you ask Google about Bitcoin. Bitcoin is a monster. As the killer app of the blockchain, Bitcoin and cryptocurrency is the rock and roll of the Millennials.

When I was born, rock and roll were the ‘rock and roll’ of my generation, but for the next generation, Generation X, it was ‘computer games’ that was their rock and roll.

These ‘generation’ cohort definitions are vague; maybe Bitcoin is the ‘rock and roll’ of Generation Z or the so-called ‘post-Millennials,’ but whatever the definition, the young generation love cryptocurrency like no other. These digital natives born with a tablet in their crib, who can touch type on their phones without glancing, are the Bitcoin generation.

They get it in the same way as the soon to pass ’silent generation’ of Buffett and Munger do not. Blockchain will upend the old generation’s institutions. The valued moats of banks, insurance, securities, legal services and even obscure businesses like shipping will be transformed.

The trouble with blockchain is the technology is high profile. Like rock and roll, the kids are shoving it in the old folks’ faces, blasting the message out, and angering the oldies who value their calm. Whereas computer and online technology stealthily crept up on our way of life, a few hundred billion dollars of value in cryptocurrency is parading down the roads making a cacophonous racket.

Only Mario Draghi seems to be smart enough to answer the question, ‘What do you think of Bitcoin?’ by saying, ‘It’s too small for me to think about right now.’ Everyone else, Buffett, Dimon, Munger, et al, answer comment like ‘scam’ or ‘selling baby brains’ worthy of the most clueless ‘nocoiners.’

The fact that these pelagic financial predators take the bait just demonstrates the power of the idea of cryptocurrency and what drives it and what will take it into the core of the mainstream.

However, so much for the ‘thought leader’ bumph, how can we trade this? The answer is Google, and ‘Google Trends’ to be exact.

Firstly, let’s look at how big Bitcoin is as far as interest goes:

Google Trends: Bitcoin versus Trump

Google Trends: Bitcoin versus Trump

Red is search interest in Nasdaq, the dwarfed yellow line is the stock market and the green competition is Trump.

That tells you that interest in Bitcoin is truly colossal. You can pump the comparative words in yourself.

How does Taylor Swift match, for example?

Google Trends: Bitcoin versus Taylor Swift

Google Trends: Bitcoin versus Taylor Swift

It took Taylor Swift’s summer comeback to out pull Bitcoin in the imagination.

It takes a brand like the whole NFL to be more in the public interest than Bitcoin:

Google Trends: Bitcoin versus the NFL

Google Trends: Bitcoin versus the NFL

Interestingly, the NFL is worth $63 billion and Bitcoin $150 billion as write.

The thing is, Bitcoin’s mind share maps well to its market cap. Its value is in effect its mind share. This means Google Trends is a very powerful indicator of the direction of Bitcoin and cryptocurrency as a whole.

While interest is falling, the price is still strong. This is pretty bullish even if I personally am not currently a short-term bull myself.

If Google Trends starts to ramp, it will be a good indicator that Bitcoin is on the move again. While the ‘nocoiners’ cry in fear of something they do not want to understand, the levels of interest in Bitcoin clearly demonstrate that cryptocurrency has what it takes to be mainstream.

This animal magnetism will drive Bitcoin faster than other revolutionary technologies into the mainstream and power an epic era of innovation. What computing did for Generation X, blockchain will do for Generation Y and Z and it will be better to be on the train than standing in front of it.

This story originally appeared in Forbes. Image courtesy of Shutterstock.

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