Bitcoin Is Now Worth More than Gold

Bitcoin: $1,252.91. Gold: $1,239.20. Guys.

That’s right: currently, bitcoin is worth more than an ounce of gold (but you should probably keep buying gold). Gold, upon which we pretty much based our entire system of financial exchange.

The only other time this has happened since bitcoin’s creation by anonymous cryptocurrency legend Satoshi Nakamoto—who may or may not be this guy, but probably isn’t— was back in 2013, when Mt. Gox was still around (it went up in digital smoke shortly after).

Bitcoin fans were quick to celebrate on Twitter:

This is the latest news coming out of the bitcoin price watch, which has been steadily ticking upwards for a few months now. In the time that it took to type that paragraph, bitcoin’s price increased yet again to claim a current value of $1,255.16, according to data tracked by Coindesk.

Bitcoin broke through its previous price high last month, and the currency has been experiencing its highest price every day since then.

In the time that it took to type that paragraph, bitcoin’s worth has increased to $1,259.54.

However, before abandoning gold for bitcoin, it should be noted that the two share similar weaknesses: stealing a bitcoin is very much like stealing an ounce of gold, in that possessing it is pretty much the defining prerequisite for using it.

The two are also finite resources, as there’s always been a cap on the number of bitcoin that will be released. However, bitcoin is a currency with notorious volatility. Gold, in contrast, has had a steady valuation for years.

By the end of this article, bitcoin’s value stands at $1,264.03. Gold is holding steady at $1,239.20.

To learn more about cryptocurrencies, join us in San Jose on March 6-7 for Bank Innovation 2017, where the best conversations in fintech take place. Click here to register.

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