Global monthly online searches for “Buy Bitcoin” have exceeded searches for “Buy Gold” by 3 times, reaching 241,000. BTC price showed short-term strength, especially after hitting the 200 moving average on the 4-hour chart and breaking above $48,000. Despite the recent price hikes, the average monthly “Buy Bitcoin” searches worldwide have reached 241,000. For details cryptocoin.comfollow
Monthly “Buy Bitcoin” searches reach 241,000
During the coronavirus epidemic that has been going on for over a year, many people started looking for new ways to invest and make money. Also, the number of keyword searches around the world to buy monthly assets while looking to hedge against inflation in 2021 revealed some interesting findings. According to figures from Ahref, the average monthly online searches for the keyword “buy bitcoin” worldwide reached 241,000; this is three times more than “Buy Gold” and almost six times more than “Buy Ethereum”.
The findings show that Americans search for “buy Bitcoin” 116,000 times a month, accounting for 48% of global search volume, with 39,000 searches for “buy gold” (about three times). Gold has long been viewed as a solid hedge against inflation, as it is accessible to individuals of all socioeconomic backgrounds and technical abilities. And above all, Gold is the reserve currency of central banks.
BTC against gold
Bitcoin, on the other hand, is a blockchain-based crypto currency similar to Gold. Due to its weak correlation with other assets, especially stocks, many have previously referred to Bitcoin as “digital gold”. While gold surpasses Bitcoin in legality, transparency, and security, it has historically been much less volatile. However, Bitcoin as a store of value has outperformed gold recently. Since 2020, MicroStrategy has consistently purchased BTC as an official business strategy. The company’s CEO, Michael Saylor, described the move as a hedge against the expected fall in the US dollar. Saylor says in a tweet:
Gold fell 10.5% in the same year, Bitcoin increased 332%. Gold yielded 0% annual returns in the same decade, Bitcoin yielded 146% a year. Why are we still debating which is the only store of value?
Although the Bitcoin price has increased several times recently, it is expected to appreciate against the US Dollar in the near future. By 2030, many crypto advocates believe that the market cap of BTC could surpass that of gold.
Currently, the Bitcoin price is at $48,389, up 2% in 24 hours and 8% in the last seven days, while the price of gold is currently at $1,755 per ounce. Despite near-term pressure, BTC continues to show strength as strong hands refuse to sell at current prices. If this bullish trend continues, we can expect a potential move towards $50,000 next week as BTC attempts another breakout.
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