Cryptocurrency, Featured

Bitcoin Price Sees Downtrend For A Year, Collapsed Economic Bubble Or Will It Recover?

Bitcoin price was not much around a decade ago and just last year, this time, its value was about $20,000. Today, the bitcoin value is struggling to keep up with the $6k mark. In the beginning, the cryptocurrency was a form of the digital populism, it would fight financial manipulation and deliver secure, independent and efficient payment system.

There are many investors who are still hodling their Bitcoin in the hopes of market improvement. Not many may remember the hack of one of the biggest crypto exchanges in 2011 and the hacker went by the name of George Clooney. This news made headlines ‘George Clooney Roils The Bitcoin Market.’ Further to this, many acronyms evolved – FUD (fear, uncertainty and doubt), Hodl (hold) and FOMO (fear of missing out).

After the brilliant rise of bitcoin price in December 2017, many people wanted to invest in cryptocurrency and gain from the profits. Taking advantage of this FOMO, companies changed their name to include the word ‘blockchain’ and saw their market price rise substantially. ‘Blockchain but not Bitcoin’ became the mantra at most financial conferences, as published on Bloomberg Businessweek.

Bitcoin and other cryptocurrencies may survive this lash of the crypto market, only for the prices to improve later. Market advisors lay some wisdom saying that crashes find their bottom when the last bull capitulates and sells. But this ongoing downtrend has also made Google AI think what others have been thinking – is Bitcoin a collapsed economic bubble?

If you have any doubts about today’s crypto market and you Google to see where it is, on the morning of December 13, Google gave an answer which it thinks is most relevant. On entering the search term Bitcoin, Google showed a card which had mentioned it as ‘collapsed economic bubble’. A few hours later, the information was corrected and adjusted, as mentioned on Finance Magnates.

The CEO of Google Sundar Pichai explained that Google’s AI algorithm looks at every keyword based on “things like relevance, freshness, popularity and how other people use it.” With the bitcoin price having gone such fast changes over the last year and the continued mention of ‘bitcoin is a bubble,’ it explains everything that AI learned and showed what it has picked up over the time. As for now, Google’s AI is protected under the first amendment, so the outrage by the crypto community can be contained.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Aabha Singh finds time from her hectic editorial schedule to write finance articles.

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