Nov 7 (The Ferowich Report) – If Google searches are a robust key performance indicator (KPI) for future investment decisions, bitcoin may be well on its way to biting off a major chunk of gold’s market share.
The number of ‘buy bitcoin’ searches exceeded the number of ‘buy gold’ Google searches in October, according to BullionVault’s Adrian Ash. While yellow metal buying fell 31 percent from it’s previous one-year average on BulllionVault, Bitcoin cruised its way to new highs.
“The noise around bitcoin and other cryptocurrencies” diverted investors’ attention away from gold, Ash writes. The DOW Jones’s continued bull streak isn’t helping gold prices either, Ash noted.
The number of “buy bitcoin” Google searches overtook the number of “buy silver” queries at the start of 2017, per BullionVault and Google data.
According to GoldPrice.org, an ounce of gold runs about $1275.28, while the price of bitcoin hovered around $7149.83, per CoinMarketCap data.
Why does it matter? “If bitcoin ends up being the cyber equivalent of gold it has a great potential left,” PayPal co-founder and early Facebook investor Peter Thiel said late last month. Bitcoin’s price needs to reach $500,000 to have the same market cap as gold, Bitcoinist calculates.