Amid the American banking crisis, a noticeable increase in searches for the purchase of gold has been seen, with the search term hitting a perfect score of 100 during the first week of April 2023. Comparably, two weeks earlier, on March 20, 2023, the search term “how to buy bitcoin” attained the same ranking.
Google Trends: Interest In Buying Gold And Bitcoin Surges Amid U.S. Banking Turmoil
In the past six months, the price of gold has increased by a remarkable 20%, with a troy ounce of.999 fine gold presently commanding $1,998 per unit. As of April 26, 2023, bitcoin (BTC) is currently trading for just under $30,000 per unit, up 8.9% in the last 24 hours.
Following the banking crisis of mid-March, which saw the failure of three major US banks, the value of both gold and bitcoin has increased. Observers of the market are now keeping a close eye on the First Republic Bank debacle, as its stock lost over 50 percent of its value on Tuesday.
Over the last 90 days, the global trend, according to Google search data, shows rising interest in the search term “how to buy gold.” The search term’s score peaked at 100 on April 6, 2023, after reaching 90 on March 20, 2023. According to Google Trends statistics, the score for “how to buy gold” is currently 62. The search term has shown significant interest in places like Australia, Canada, Singapore, St. Helena, and the United Arab Emirates (UAE).
Based on global data from 2004 to the present, the search term “how to buy gold” has a score of 85 out of 100, according to Google Trends. Its highest score of 100 was recorded in August 2011. In addition to gold, Google Trends data reveals that interest in the query “how to buy bitcoin” has also increased. Based on 90-day statistics, the query reached a peak score of 100 on March 20, 2023. The search term “bitcoin” also rose in mid-March and into April.
A rise in searches for terms like “banking crisis” and “bank runs” was also brought on by the failure of three significant U.S. banks in mid-March, including Silvergate Bank, Silicon Valley Bank, and Signature Bank.
The day after, the search term “how to buy bitcoin” reached a score of 100, following a near score of 96 out of 100 on February 5, 2023, according to Google Trends data. According to Google Trends data from the past three months, regions such as Nigeria, Guam, the African nation of Cam St. Helena, and Mauritius are the most interested in “how to buy bitcoin.”