Google Sheets, available as part of both consumer Gmail and organization-wide G Suite, allows users to easily create trend charts of anything with a valid Google Finance ticker symbol. Bitcoin happens to have a symbol.
A Bitcoin price chart can be created using the GOOGLEFINANCE function. The GOOGLEFINANCE function supports any date range. It supports both daily and weekly intervals. You can “set and forget” the function — cells will auto-populate or auto-update at regular intervals.
Bitcoin Price Chart vs Current Gold Price
The Bitcoin price and the price of gold were compared to one another by many in 2016 and early 2017. During May of 2017, the dollar price of Bitcoin climbed well above the then price of gold. From there, Bitcoin continued its ascent toward a recent peak of USD $17,200.
The Bitcoin price has proven to be more volatile than the price of gold. Bitcoin has seen 25% price swings in a matter of days. The price of gold changes more slowly. The biggest daily swings are on the order of 1%.
There is no doubt that cryptocurrencies, including Bitcoin, have been yet another disruptive technology that the internet has fostered.
In this case, precious metals have been the disruptees. Even though gold coins have a shadow and a reflection, the virtual has trumped the physical by a wide margin.
The GOOGLEFINANCE function supports the symbol BTCUSD, which is the Bitcoin price in US dollars. To view the Bitcoin price in Google Sheets is as simple as pasting a formula like this into a cell:
=GOOGLEFINANCE(“BTCUSD”, “price”, DATE(2017,1,1), DATE(2018,12,31), “DAILY”)
The GOOGLEFINANCE function does not support commodities such as gold. Because of this, we used a simple INDEX function to import the current price of gold from Packetizer. The formula was dragged down for all 365 days in 2017. That formula is:
The resulting visualization of these two columns of data is the following Google Sheets chart. It is the daily Bitcoin price compared to the current gold price. If you hover your cursor across the bars, the daily Bitcoin prices will display.
Note: the chart may take up to 15 seconds to load from Google Docs. Here is a link to the Google Sheet, which includes a full screen view of the chart.
Not surprisingly, there’s a noticeable correlation between interest in the search term “bitcoin” and the Bitcoin price chart. As interest in a commodity grows (even a virtual commodity), so does demand. As demand rises, given a constant supply, prices rise.
Bitcoin as Digital Gold
Contrarians view Bitcoin as a speculative asset without the visible value of assets such as shares in a company, real estate or gold.
While Bitcoin does not have physical properties as gold does, it does have a limited supply. There will only ever be 21 million Bitcoins.
According to this Google Sheet, if someone invested $100 in Bitcoin on July 17, 2010, that investment would have been worth over $39,000,000 on December 17, 2017.
This meteoric rise, along with press coverage, has caught the attention of a lot of people. In late 2017, many people were buying into Bitcoin as though it was still a ground floor opportunity.