At a time in which Bitcoin’s controversial hard fork, SegWit2x, gets called off, Google Trends data shows that people all over the world are now searching for the term “buy bitcoin” more than they are for “buy gold.”
The cryptocurrency’s rally, that led to a new all-time high above $7,800 this week, is seemingly drawing increasing interest from investors all over the world who now see bitcoin as a more interesting investment than gold. Searches for “buy bitcoin” had previously exceeded searches for how to purchase silver, but the cryptocurrency’s interest partly comes from gold’s decline.
According to Bloomberg, concerns over Brexit and Catalonia’s push for independence failed to increase demand for gold, and as the dollar strengthened and global equities set new records the precious metal fell behind. So much so, the amount of gold changing hands on BullionVault’s trading platform dropped by nearly a third of its 12-month average.
BullionVault’s research director, Adrian Ash, commented on bitcoin’s new heights and gold’s decline, stating:
“With the U.S. stock market setting fresh all-time highs day after day, it’s no surprise gold prices have retreated. Some investors are also being distracted by the noise around Bitcoin and other cryptocurrencies. Altogether, that’s made interest from new gold investors the weakest since the metal’s half-decade price lows of end-2015.”
Gold recently dropped by about 6 percent, making this year’s gain fall back to 11 percent. Bitcoin, on the other hand, surged from about $970 to over $7,200 at press time, meaning it had over 13 times the advances of the best-performing commodity Bloomberg tracks.
Although “buy bitcoin” surpassed “buy gold” in search queries, BullionVault’s Gold Investor Index, which measures the number of buyers and sellers, still points to a slightly higher number of buyers than of sellers.
Google Trends’ search data reveals that the U.S., the U.K., Mexico, Canada, Australia, India, and others still show a larger interest in gold investments, while countries such as Chile, Venezuela, Russia, and most of Europe as well as a few African nations show an increased interest in bitcoin.
Notably, one of the queries Google suggests as being related to bitcoin is that for “BitConnect,” a platform that allows users to invest in BitConnectCoin to earn interest on their investments. BitConnect is widely believed to be a Ponzi scheme, so much so Malwarebytes recently added it to its “blocked websites” list.