The price of Bitcoin, the popular cryptocurrency, has been rising steadily over the last few weeks. Why? That's a question many have tried to answer. What we find interesting is the immediate impact this rise had on the demand for apps you can buy Bitcoin with.
Downloads of Coinbase, an app for buying the cryptocurrency, and Robinhood, the retail investor favorite, have climbed as well.
As Bitcoin's price rose to its new peak, Downloads of Robinhood, which is rumored to be IPOing soon, quadrupled to 40K on Tuesday, based on our estimates.
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Coinbase's growth was almost identical in both timing and magnitude, suggesting this isn't a coincidence and that these two are likely the destinations regular folk trust the most when it comes to their Bitcoin.
What's most striking is the shape of the trend, which mimics the rise in price of Bitcoin very well. Correlation? Causation? You pick.
Coinbase has had good year-over-year growth in 2020, but this latest spike is the biggest it's seen since Bitcoin last surged in 2017.
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based on our estimates, daily downloads rose from a little under 10K/day to more than 45K on Tuesday, the same day Bitcoin hit a three-year high of over $19,000. This new high is more than twice the size of the last spike Coinbase recorded, of a tad over 19K downloads on April 30th of this year.
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