Bitcoin is now worth more than an ounce of gold

According to a CNNMoney report, the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228. This topped gold's value of $1,237.73 per ounce, according to Bloomberg Markets, which has hovered around that price point for a couple years.

Bitcoin has been steadily increasing in price since it stabilised in 2015, with many at this point doubted that the currency would ever again reach or surpass the 2013 high price of $1,165.

If approved by the SEC, this would be the first bitcoin ETF issued by a USA entity. "We may see Bitcoin prices touching Dollars 1500 very soon".

Another likely driver for bitcoin strength in recent months was speculation the Securities and Exchange Commission might approve an ETF for the currency, which would be one of the first official recognitions of its value.

Proponents of Bitcoin, like Kelly, also argue that the digital currency may be edging out gold as an alternative asset. Gold, however, has been trading around the same price it was a year ago.

China's three biggest Bitcoin exchanges suspended withdrawals last month after pressure from the People's Bank of China, which was concerned people were using bitcoin to move money out of the country, sidestepping official efforts to shore up the yuan. Those values have varied throughout the day, although bitcoin's supremacy remains as of the time of publishing.

White, who believes digital forms of currencies are no flash in the pan, said early adopters are driving up the price.

Yesterday at an event RBI deputy governor Rama Subramaniam Gandhi said, "Blockchain, the foundation for bitcoins-like innovations, is touted to be the death knell of currency". "The units of measurement are very arbitrary". The figure is 200% higher than the one reached on 27 February.

  • Zachary Reyes