Bitcoin trend on Google drops amid its most crucial safe haven test

safe haven

Key Takeaways

  • Gold’s popularity according to Google Trends was 35.
  • Bitcoin can replace gold as a good hedge against inflation.

LAGOS (CoinChapter.com) — Searches for the term “Bitcoin” looked poised to drop significantly this week from 35 to zero, according to data from Google Trends.

safe haven
Chart of Bitcoin search on Google. Source: Google Trends

This comes as a surprise because Bitcoin and other digital currencies have dominated headlines since Russia invaded Ukraine recently. That has reportedly bolstered the adoption of Bitcoin as people search for a safe haven against inflation.

Despite the scramble for new alternatives to protect themselves against inflation, Bitcoin search on Google dropped. Unfortunately, the top crypto asset isn’t the only term to experience a decline in the area of searches from users.

Google Trends uses numbers to represent search interest with ‘100’ as the peak popularity for the specific term.

Relatively, data from Google Trends also indicated that the search for the keyword “Safe Haven” increased from 33 on Feb. 12 to 42 on Feb. 26. However, at the publication, the search interest has dropped to 39.

Bitcoin Can Replace Gold As Hedge Against Inflation

Crypto experts and enthusiasts have described Bitcoin as “digital gold,” a place to store cash against rising inflation. The inflation fears and global tension has created the renewed need for a safe place for people to keep their funds.

Born in 2008, Bitcoin is still a newer financial asset than gold, which has survived as safe haven for thousands of years. Nonetheless, the cryptocurrency’s advanced fungibility, easy transferability, and provable scarcity have made it an emerging competition to gold.

Bitcoin has already met criteria that consider it a better safe haven asset over gold. Firstly, Bitcoin’s extremely limited supply and relatively inactive state make it a great store of value.

The greatest asset’s widespread recognition in just a few years is another indication that it can rival gold. In addition, Bitcoin is globally accepted and difficult to steal due to its encrypted and decentralized system.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, agreed that Bitcoin could serve as a hedge against market downturns. He stated that bitcoin is positioned very well to be a safe-haven asset.

Lending further evidence to the case of Bitcoin as a haven is its performance recently during the COVID-19 pandemic. Bitcoin, among other cryptocurrencies, surged to new heights during the pandemic while economies, stocks, and other assets suffered.

Furthermore, it’s important to note that Bitcoin becoming “digital gold” doesn’t mean gold will die out. On the contrary, Bitcoin, just like gold, will always have a place in the financial sector, and its profound benefits will likely become even more relevant in nearest future. Hence, it is certain that it will be a viable asset to safeguard against economic meltdown.

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safe haven, Bitcoin trend on Google drops amid its most crucial safe haven test

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