“Buy Bitcoin” Has Surpassed “Buy Gold” on Search Engine by Drastic Margins
Over the past two years, since the beginning of 2016, the demand for Bitcoin as a safe haven asset, store of value, and ultimately, digital gold has increased exponentially. The rapid growth rate of Bitcoin has been evident in its price trend, as the Bitcoin price surpassed the $7,400 mark earlier today, on November 8.
Shown in the infographic below provided by Bloomberg, the phrase “Buy Bitcoin” has overtaken “Buy Gold” by over 70 points based on a 100-point system, as the popularity of gold gradually declined since 2012.
Analysts have stated that the demand for gold as a safe haven asset has declinedin general over the past 12 months, with the US stock market recording new highs on almost a weekly basis.
Adrian Ash, research director at London-based gold brokerage BullionVault, stated:
“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.”
However, the term “distracted” is not the appropriate description to offer in portraying the migration of investors from the gold market to the Bitcoin and cryptocurrency markets. Earlier this week, Leo Melamed, Chairman Emeritus of CME Group, the world’s largest options exchange planning to launch a Bitcoin options exchange by the end of 2017, emphasized that it is an understatement to portray Bitcoin as simply a cryptocurrency.
Melamed noted that Bitcoin is a new asset class, leading a revolutionary movement in the global financial sector. He said:
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