Amidst US Banking Turmoil, Google Trends Reveals a Spike in Searches for "How to Buy Gold and Bitcoin"
April 27, 2023 6:11 AM
In the middle of the banking crisis in the United States, Google Trends showed a significant increase in searches for gold, with the search query hitting a perfect score of 100 during the first week of April 2023. Similarly, on March 20, 2023, the search term "how to buy bitcoin" reached the same score.
Google Trends 90-Day Stats Show Increased Interest in Buying Gold and Bitcoin
Gold's value has increased by 20% in the last six months, with a single troy ounce of.999 pure gold currently selling for $1,998 per unit. Bitcoin (BTC) is currently trading for little under $30K per unit, up 8.9% in the last 24 hours as of April 26, 2023. Following the mid-March banking crisis, which saw the failure of three large U.S. banks, the value of both gold and bitcoin increased. Market participants are now keeping a careful eye→ on the First Republic Bank debacle, which saw it lose more than 50% of its value during Tuesday's trading sessions.
90-day statistics for the search term “how to buy gold,” according to Google Trends data.
The search query "how to buy gold" has been trending globally in the last 90 days, according to Google Trends statistics→. The search query received a score of 90 out of 100 on March 20, 2023, followed by a peak score of 100 on April 6. According to Google Trends, the score for "how to buy gold" is now hanging at 62. The search query has sparked considerable interest in Singapore, Australia, St. Helena, the United Arab Emirates (UAE), and Canada.
90-day statistics for the search term “how to buy gold,” according to Google Trends data
According to global data→ from 2004 to the present, the search term "how to buy gold" has an 85 out of 100 scores, with its last peak score of 100 recorded→ in August 2011. Aside from gold, Google Trends data show that interest in the search term "how to buy bitcoin" has increased, hitting a peak of 100 on March 20, 2023, based on 90-day figures. Last week, it was revealed that the search term "bitcoin" was on the rise in mid-March and early April.
Furthermore, the failure of three major U.S. banks in mid-March, including Silvergate Bank, Silicon Valley Bank, and Signature Bank, generated an increase in searches for terms like "banking crisis" and "bank runs," as reported on March 19, 2023. The following day, "How to buy Bitcoin" received a score of 100, after coming close on February 5, 2023, with a score of 96 out of 100. According to Google Trends data, the term "how to buy Bitcoin" is currently trending in Nigeria, Guam, Cameroon, St. Helena, and Mauritius.