Fig 4. Search engines and safe haven value.

The descriptions and interpretation of relationships hold from Fig 2. Searches on both engines (top) are positively correlated with the Bitcoin price in the long run. For both, we observe that the relationship somewhat changes over time. In the first third of the analyzed period, the relationship is led by the prices, whereas in the last third of the period, the search queries lead the prices. Unfortunately, the most interesting dynamics remain hidden in the cone of influence, and this result is thus not very reliable. Apart from the long run, there are several significant episodes at the lower scales with varying phase directions, hinting that the relationship between search queries and prices depends on the price behavior. Moving to the safe haven region, we find no strong and lasting relationship between the Bitcoin price and either the financial stress index (bottom left) or gold price (bottom right). The significant regions at medium scales for gold are generally connected to the dynamics of the Swiss franc exchange rate.