With the Coronavirus pandemic still causing damage, the comparison between Bitcoin and Gold as the best asset to buy during the current global markets meltdown seems not to be ending as experts continue to share their opinions on the subject.
One of the renowned proponents of Gold, Peter Schiff, relayed a huge interest in purchasing Gold among the public than Bitcoin, citing data from Google Trends.
Schiff pointed out in a tweet on Thursday, that the interest in buying Bitcoin and Gold rose recently; however, the buying interest with cryptocurrency reached a stable level and began to decline.
Interest in buying both #gold and #Bitcoin rose recently. But it seems that interest in buying gold is continuing to rise, while interest in buying Bitcoin has already plateaued, and is now waning. pic.twitter.com/W8CRByiW6c
— Peter Schiff (@PeterSchiff) March 26, 2020
As Bitcoin loses buyers’ interest via Google trends, Peter Schiff noted that the interest in purchasing Gold has been on the rise. Yesterday, he also argued that the media coverage on why people are purchasing Gold is wrong. He wrote:
“The media coverage, what little there is, of why people are buying Gold, is wrong. #Gold isn’t a fear trade or a hedge against the stock market. It’s the best way for savers to protect their purchasing power when central banks are intent on destroying it by printing paper money.”
Bitcoin Show Less Sell Interest Than Gold
Further research on Bitcoin and Gold selling via Google trends shows that the people are more interested in holding the cryptocurrency in the current market condition, than Gold. The interest in selling Bitcoin is declining, whereas Gold shows a high interest in selling.
At this point, it’s worth noting that, despite Gold showing higher buying interest than the cryptocurrency, the fact that Bitcoin has less selling interest indicates its likely the most held assets by strong hands.
At the time of writing, Bitcoin sees a negative price change of 2.19% to be worth $6,594.84, according to data on Coinmarketcap. Its market cap is $120,601,553,833. Our analyst reported on March 23 that Bitcoin could find support at $5,800 or $5,200 after BTC/USD trading pair face rejection at $6,800 and $7,000.
Read original at Coinfomania
Author: Ibiam Wayas