Google Trends Finds More People Searching For Bitcoin
Currently, more people are online searching for information on Bitcoins, than they are on how to buy gold. The new report comes from Google Trends.
The new emergence of people finding interest in the cryptocurrency is due to stocks performing well. With that in mind, interest in gold is lowering. According to Bloomberg, gold was the traditional safe-haven for investors. However, after looking at Google Trends, they saw that more people were looking up “buy bitcoin” instead of “buy gold.”
Honestly, it makes a lot of sense. The precious metal has only on average gone up 11% this year. Bitcoin, on the other hand, has gone up over 600%. Last weekend, it was $7,400 on the market before dropping below $7,000. On Tuesday, it was at $7,193.
Google Trends Finds More People Are Searching How To Buy Bitcoins
The New York Times reports that investors at Wall Steet are “throwing” their money in the to virtual currency. The reason being, that hedge funds are focusing on cryptocurrencies rising this year from 30 to close to 130.
CME or The Chicago Mercantile Exchange group said at a conference last week that they were looking into trading bitcoin futures. If this does occur, then it will give cryptocurrency more legitimacy that it currently has. However, doing so might scare off some investors, being that there aren’t any substantial regulations on the market when it comes to the virtual coin.
Leo Meland, who is on the chair at CME believes that bitcoin will become just as big of an asset as gold or stock exchange. He says that they will make sure to regulate the currency. The reason being, so it does become wild or wilder than it already is.
Before anything, regulations have to approve CME’s plans in order for the currency to become more legitimate. Be that as it may, Jamie Dimon, a chief at JPMorgan, believe the whole thing will end up blowing up in the face of those who chose to buy into the currency.