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Bitcoin volatility and the Public’s attention towards financial bubbles

Author

Listed:
  • Blau, Benjamin M.
  • Griffith, Todd G.
  • Reese, Sarah G.
  • Whitby, Ryan J.

Abstract

This study investigates the relationship between public interest in financial bubbles and Bitcoin volatility. Our findings indicate that higher search volumes on Google for phrases related to financial bubbles, in both cryptocurrency markets and broader financial markets, correlate with increased volatility in Bitcoin. These results are consistent within a vector autoregressive (VAR) model that treats search volume as exogenous. Impulse Response Functions from these VARs demonstrate that exogenous shocks to Google search volumes lead to a significant rise in Bitcoin volatility, persisting for up to four months. This study contributes to the existing literature by identifying factors influencing Bitcoin volatility and underscoring the impact of public attention on its price dynamics.

Suggested Citation

  • Blau, Benjamin M. & Griffith, Todd G. & Reese, Sarah G. & Whitby, Ryan J., 2026. "Bitcoin volatility and the Public’s attention towards financial bubbles," Journal of International Money and Finance, Elsevier, vol. 165(C).
    • Handle: RePEc:eee:jimfin:v:165:y:2026:i:c:s0261560626000574
    DOI: 10.1016/j.jimonfin.2026.103572
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    Keywords

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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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