Turns out there’s a correlation between bitcoin prices and level of media interest. Who would have guessed?
Prices have certainly dropped considerably. Bitcoin now trades at around $435 against a peak of just under $1150 hit in early December of 2013, according to Coindesk data. Bitcoin traded at less than $200 just a month before that peak.
A bubble of press interest in bitcoin lagged the boom. The number of media mentions kept rising even as bitcoin prices fell, peaking at 14,198 articles in March, according to a search of the Factiva database. But the media has also started to cool. Mentions fell by half in April.
The upstart altcoin and its fun-loving backers bought a Nascar sponsorship (for $55,000) with driver Josh Wise, whose #98 Moonrocket sported a dogecoin logo two Sundays ago at Talladega. That caught the attention of self-described “motorhead” Dan Dillon.
Mr. Dillon is the CEO of CleanItSupply.com, a family-run, Jeffersonville, Pa., business, and beginning Monday, the website will start accepting dogecoin.
Now, the website will accept bitcoin as well, but the primary driver (no pun intended) for Mr. Dillon was dogecoin, not bitcoin.
Bitcoin’s Media Sparkle Fades [WSJ MoneyBeat blog]
BitBeat: Dogecoin’s Marketing Effort Pays a Dividend [WSJ MoneyBeat blog]
Colorado Lawmaker to Accept Donations in Bitcoin [DealBook]