Global searches for “buy Bitcoin” have overtaken “buy gold” after previously exceeding searches for how to purchase silver, according to Google Trends, Bloomberg reported.
Now, Bitcoin’s (EXANTE: Bitcoin) surge is attracting investor interest toward the cryptocurrency and away from the metal, the biggest online vaulting service said.
“With the U.S. stock market setting fresh all-time highs day after day, it’s no surprise gold prices have retreated,” Adrian Ash, research director at London-based BullionVault, said in a report.
“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.”
Gold has dropped about 6 percent since touching a one-year high on Sept. 8, cutting this year’s gain to 11 percent. Bitcoin jumped more than sevenfold this year and more than 13 times the advance of the best-performing commodity.
