Bitcoin surpassed Tesla in Google search volume in the first month of 2021. This rise is explained by the unprecedented global internet use, and the power of retail investors, that COVID-19 put Bitcoin in the best position for a price hike.
Bitcoin surpasses Tesla in Google searches
Since the beginning of 2020, Tesla’s shares have increased by 919% from $ 88 to $ 880 on January 8.
In contrast, Bitcoin rose by 460% and peaked on January 8th.
In the same period, other notable winning stocks were Moderna and Zoom Video Communications, up 530% and 451% respectively. Both were stocks that became popular due to COVID-19.
Value investors, known to the public as “boomers” by millennial investors, were clearly unhappy with the unprecedented increase in asset prices.
Yoni Assia, CEO of eToro, stated in a tweet this morning that there is a direct correlation between the number of Tesla investors and this rise.
If Tesla were a social media network, or the correlation kept with its profit, the above chart would make perfect sense.
However, eToro’s CEO determined that 127,000 stock market investors in the app, rather than sales, caused the rise. Gabor Gurbacs, Digital Asset Strategist and MVIS Director at VanEck Digital Assets, said in a statement on Twitter:
“This correlation is a clear indication that Tesla, Bitcoin, esports and innovation investments are largely retail oriented.”
Alternatively, Elon Musk, the CEO of Tesla and the richest man in the world, wrote the Bitcoin hashtag in the biography section on Twitter.