Bitcoin is winning the battle of storytelling against more traditional assets. It now has more online searches than gold.
More people have searched how to “Buy Bitcoin” online, compared to the number of people who have searched about how to “Buy Gold” in the past month. Simultaneously, markets witnessed a slump in private investors placing their money in gold.
October saw trading of gold shrink by over 31% compared to this time last year. The data comes from Bullion Vault, the worlds largest online marketplace for precious metal trading. This is the trend throughout 2017, as the price of gold continues to fall on the world markets.
Of course, Bitcoin is not solely responsible for the decline in the price of gold. Over the past two months, the US dollar has rallied and global equities set new records. Global concerns such as Brexit or the independence referendum in Catalonia, have failed to cause the concern that was expected on the markets.
However, you cannot ignore the success story of Bitcoin. The value of the cryptocurrency hit a record high of $7,400 at the weekend. Compared to all other investment options, Bitcoin has won the battle of storytelling over the past number of years. Sensational headlines have pushed up the value of the currency, which in return has created even more sensational headlines. Other investment opportunities have been drowned out by the buzz that has been created about the currency. That is the reason why Bitcoin is winning. The search engine results indicating that more people are looking for news on Bitcoin investment compared to gold investment is a direct result of this marketing campaign. In creating organic news and stories about the currency, Bitcoin has attracted investment without needing to use the traditional means of investment.
Bitcoin’s story is one of organic storytelling in a digital age. The first the world heard about Bitcoin emerged in an online discussion in 2009. In a white paper published by an anonymous user called Satoshi Nakamoto, the plans for creating a peer-to-peer online digital currency was laid out. From there, the story grew. The value of the story was the transparency that is provided to the readers. Online users understood that they were not being advertised a product. Instead, they were told a story of the value of a cryptocurrency. Nobody is sure who Satoshi Nakamoto is, or whether it is a pseudonym for a group of developers. Nonetheless, people believed in the power of the story.
The narrative was also successful because it was able to target the niche who would carry the story further. The technology behind cryptocurrency requires a fair amount of understanding of computer science. However, the early adopters were never to be the general public. They were those who had an interest and knowledge of creating a decentralised system of currency control. As more and more of this niche adopted Bitcoin, the story organically entered the mainstream consciousness.
Faith in Financial Institutions
That is why Bitcoin is winning against traditional investments such a gold. Without a doubt, the currency still has a massive amount of detractors. Goldman Sachs recently proclaimed that gold was still a better asset than Bitcoin, despite the soaring success of the latter. The cryptocurrency will continue to have many detractors.
Despite this, it is important to understand that the public faith in longstanding financial institutions has taken a severe hit since the financial crash of 2008. People are well aware that these are the same institutions that assured them that sub-prime mortgages were of sufficient value to withstand economic turbulence. In this context, that is why the organic story of Bitcoin is so important. It does not come from a bank who are attempting to spin a story for customers. Ordinary people can relate to the success stories of individuals who have amassed an extraordinary fortune from Bitcoin. That is why Bitcoin is winning against gold.
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