Bitcoin is at its most popular state now. This is arguably true for several reasons, one of which is the evidence provided by Google Trend data. According to the latest data, Bitcoin is at the peak of attracting Google users’ interest as more people are searching for it now than as ever been since its creation.
Although all cryptocurrencies have become more popular by reason of adoption for different reasons, Bitcoin is more attractive now than ever because of its quality not just as a cryptocurrency but also as a store of value. Bitcoin recently has been competing with gold, thanks to Barry Silbert’s Dropgold campaign and the ongoing trade war between the United States and China.
There has also been a prediction of a looming financial crisis that could be the biggest yet. The U.S stock market is already causing panic due to the continuing crash which may not be over soon. All these events have created panic among investors and several of them are seeking a safe haven for their hard earned wealth.
Gold has been the number one choice as a store of value for years, but at this time, investors are looking for a store of value that can be more readily moved around the world. This has eventually drawn attention the Bitcoin, digital currency and a store of value that can be moved around freely without government scrutiny.
This explains why Bitcoin is being searched for more than ever before. Analysts recently said that Bitcoin price surge is mainly because money is flowing from fiat to it particularly from China where there is fear of inflation as well as the devaluation of the Chinese Yuan. As Bitcoin has been proven to have an inverse movement to the stock market, it is considered the safest place to store wealth until the trade war is over.
Although Bitcoin went down to the $7ks after tasting $9,000, it is back now above $8,000 and altcoins with it. If the trade war continues (and it is likely to), analysts expect Bitcoin to keep surging and reach the 2017 all-time high of $20,000 and even beyond as more money continues to flow into it.