Amid the turmoil in the U.S. banking sector, Google Trends shows a significant increase in searches related to buying gold, reaching a perfect score of 100 in the first week of April 2023. Similarly, a search for the term “how to buy bitcoin” yielded similar results two weeks earlier, March 20, 2023.
Google Trends’ 90-Day Stats Highlight Buying Interest in Gold and Bitcoin
Gold has seen an impressive 20% increase in value over the past six months, with a troy ounce (ozt) of 0.999 fine gold currently trading at $1,998. As for Bitcoin (BTC), it is currently trading just under $30,000, up 8.9% in the last 24 hours since April 26, 2023. Both gold and bitcoin have experienced bull runs. In the wake of the banking crisis in mid-March, saw the collapse of the three largest US banks. Market watchers are now closely watching First Republic’s failure as it lost more than 50% of its value during Tuesday’s trading session.
90-day statistics for the phrase “how to buy gold” | Source: Google Trends.
According to Google Trends data, the search query “how to buy gold” has been trending globally over the past 90 days. On March 20, 2023, the search term score reached 90/100, before peaking at 100 on April 6. The score for the phrase “how to buy gold” hovers at 62 so far. Interest comes from Singapore, Australia, St.Louis, etc. Helena, United Arab Emirates (UAE) and Canada.
90-day stats for the phrase “how to buy bitcoin” | Source: Google Trends.
Global data from 2004 to the present shows a score of 85/100 for the search term ‘how to buy gold’, with the most recent score being 100 in August 2011. In addition to gold, Google Trends data shows that interest in the search term “how to buy bitcoin” has also increased, reaching a perfect score of 100 on March 20, 2023, according to the 90-day count. Search queries for “bitcoin” also increased between March and April, Bitcoin Magazine reported last week.
In addition, the collapse of three major U.S. banks, Silvergate Bank, Silicon Valley Bank and Signature Bank in mid-March, led to a spike in searches for terms such as “banking crisis” and “bank run.”
The next day, “how to buy bitcoin” scored 100 points, and according to 90-day Google Trends statistics, the current interest in the term “how to buy bitcoin” comes from Nigeria, Guam, Cameroon, Yingshi. Helena and Mauritius.
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