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Online monthly search for “Buy Bitcoin” worldwide reached 241,000, 3x more than “Buy Gold”

Bitcoin price has shown near-term strength, especially after retrieving the 200 moving average on the 4-hour chart and breaking above $48,000. Despite recent price spikes, the worldwide average monthly online searches for “Buy Bitcoin” have reached 241,000.

Monthly “Buy Bitcoin” searches online hit 241,000

During the Coronavirus epidemic that has raged for more than a year now, many people have started looking for new ways to invest and make money. In addition, when looking for protection against inflation in 2021, the number of monthly worldwide keyword searches for buying assets revealed some interesting findings.

However, based on figures from Ahref, the average number of monthly online searches for the keyword “Buy Bitcoin” worldwide has reached 241,000, which is three times more than “Buy Gold” and almost six times that of “Buy Ethereum.”

online-monthly-search-for-buy-bitcoin-worldwide-reached-241000-3x-more-than-buy-gold

Global keyword search volume | Source: Ahref

In particular, the people searching for the three target keywords across all countries are the US and UK, respectively. The findings show that Americans search Buy Bitcoin 116,000 times per month, accounting for 48% of global search volume, approximately three times how often they search for Buy Gold at 39,000, still accounting for 65% majority over the other nations.

Gold has long been considered a solid hedge against inflation because it is accessible to individuals of all socioeconomic backgrounds and technical abilities. And, above all, Gold is the reserve currency of central banks.

On the other hand, Bitcoin is a digital currency based on the blockchain with similarities to Gold. Because of its poor correlation with other assets, mainly stock, many have previously dubbed Bitcoin “digital gold.” Although gold surpasses Bitcoin in terms of legality, transparency, and security is historically a lot less volatile.

However, as a store of value, Bitcoin has outperformed gold in recent times. Since 2020, MicroStrategy has continuously purchased BTC as an official business strategy. The company’s CEO, Michael Saylor, called the move a hedge against the expected drop in the US dollar.

“Gold is down 10.5% in the same year Bitcoin is up 332%. Gold has returned 0% per year in the same decade Bitcoin has returned 146% annually. Why do we still debate which is the only store of value?” Saylor tweeted.

online-monthly-search-for-buy-bitcoin-worldwide-reached-241000-3x-more-than-buy-gold

Source: Michael Saylor

Although the Bitcoin price has increased several times recently, it is expected to appreciate against the US dollar soon. By 2030, many crypto advocates believe that the market capitalization of BTC could surpass that of gold.

online-monthly-search-for-buy-bitcoin-worldwide-reached-241000-3x-more-than-buy-gold

BTC/USD 4-hour chart | Source: TradingView

Currently, the Bitcoin price is at $48,389, up 2% in 24 hours and 8% in the past seven days, while the gold price is currently at $1,755 per ounce.

Despite the near-term pressure, BTC continues to show strength as the strong hands continue to hold and 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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