Silver Eagles Trumped by Bitcoin: First Time in the History of the Two Asset Classes
Notworh as of late, Bitcoin has reached an all-time high, signaling that the digital revolution is well underway. Having risen steadily for the past six months, with pause at around $14 only, Bitcoin is now trading at an all-time high of $33.22 (£21.90) per Bitcoin despite skepticism from some of the economic worlds’ most moneyed personalities.
The price has climbed so dramatically in recent months, that the price of an American Silver Eagle, whose premium runs about 10% over spot, now costs less than 1 Bitcoin to procure from websites like Gold Silver Bitcoin. This is an unprecedented change in the dynamics between two of the most popular alternative stores of value on the market.
The sentiments are not far behind. Silver, with very low sentiment in the wake of a price collapse since it ran to $50, is not enjoying the exponential excitement that Bitcoin is. The Google trends for Bitcoin and silver bullion, whilst compared, show quite the divergence.
As you can see here, against the store of value poor man’s gold (silver bullion), Bitcoin is only gaining in popularity. In terms of internet searches, Bitcoin is still more than 50% off its all-time high. Silver bullion, on the other hand, has remained consistent through the ups and downs of that market. It was passed in 2011 by the search term Bitcoin, and has yet to catch up with the novel p2p digital exchange unit.
To be fair, slightly different searches query different results.
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