In what is sure to be a welcome move for Bitcoin and the whole cryptocurrency sector, internet giants Google have reported that Bitcoin is now a more widely searched term than gold. Reports issued via Bloomberg show that the search term ‘buy Bitcoin’ was more popular than ‘buy Gold’ when Google analysed its recent data.
Bad news for Gold
Once seen as the premier safe haven currency, this latest news is not great for gold. Already under increasing pressure as a result of the flow of money into cryptocurrencies like Bitcoin, it will not be wanting more news to come out that could harm it further.
Gold had already suffered a major setback earlier in the year when an ounce of the precious metal cost less to buy than one BTC for the first time in history. As Bitcoin has only continued to soar, this has meant no recovery in this gap for gold.
Bitcoin is hot news
One key reason people are searching for Bitcoin so much now is that it really is the hot news story in financial circles. A simply stunning 2017 to date and an increased public profile has meant more investors are looking to get into digital currency, rather than precious metals as in the past. With digital currencies such as Bitcoin doing so well, this only looks likely to continue.
Blockchain is helping out the precious metals though
In a rather interesting twist to this story, recent news has confirmed that Blockchain technology is set to help out the precious metal industry. Reports confirmed that the UK Royal Mint has successfully trialled a gold-tracking system using the innovative technology cryptocurrencies are built on. This could be just the beginning of an increased relationship between the newer and more traditional aspects of the financial world. Potentially very exciting, the possibilities offered by this are endless.