For the first time since 2017, the “Buy Bitcoin” search results have doubled the “Buy Gold” queries.
This comes at a time when institutional investors consider bitcoins to be more valuable than gold.
This is a positive indicator of Bitcoin’s prospects as a store of value.
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Although the madness around Bitcoin (which helped push the asset price above $41,000) seems to have subsided, demand and interest in BTC still seems to prevail.
For the first time since the last big increase in cryptomoney in 2017, the results of the trend in Google search terms for “buy gold” and “buy Bitcoin” are heavily skewed in favor of Bitcoin.
In fact, the current trend means that people search for “buy Bitcoin” twice as much as they search for “buy gold”.
Looking at the five-year trend, the highest searches for Bitcoin ever were in 2017. The current increase has generated only about 67% of the previously recorded search volume, while prices are about 100% higher.
Bitcoin, The safest refuge
This statistic shows that many people around the world continue to show a massive interest in digital currencies rather than physical goods.
At a time of global economic, social and financial crisis caused by the coronavirus pandemic, more and more people are looking for ways to safely protect their assets. Gold has always been considered one of the most stable assets. That said, it seems that today many people are turning to Bitcoin to preserve their assets.
The trend to buy gold has not changed much over the last five years, while the trend to buy Bitcoin has been highly volatile. This is representative of the current dynamics, as many view gold as a safer traditional asset (subject to less fluctuation than Bitcoin), but also as a potentially inferior technology.
These data cannot accurately suggest investor prospects for Bitcoin as a store of value, but they at least confirm that interest has increased significantly in tandem with recent price increases.
Institutional investors in the center of the stage
While it is likely that the popularity of Google’s “buy Bitcoin” trend search is due to average investors, the price increase in 2020 is fundamentally different from the cryptic price hikes of the past.
For the first time, many large institutions are beginning to view Bitcoin as a better form of “digital gold” and inflation protection, prompting them to invest millions or billions of dollars in this asset. This increased interest can easily lead to increased interest from retail investors, as they can learn from leading global companies and organizations.