Bitcoin price surges past the price of an ounce of gold

Bitcoin price surges past the price of an ounce of gold

By | March 5th, 2017
No Comments on Bitcoin price surges past the price of an ounce of gold

A single unit of digital cryptocurrency is now worth more than an ounce of

actual, physical gold.


														
							

If you own Bitcoin, rejoice: According to CoinDesk’s Bitcoin Price Index, the price of 1 Bitcoin is $1,281.95, while the gold spot price is $1,227.66 per ounce, according to Bloomberg Markets.

The two prices met after a shoddy day and a flat year for gold, in contrast to the amazing year Bitcoin has had in terms of price — exactly a year ago, the cryptocurrency traded at around $200 per one Bitcoin.

The reasons behind Bitcoin’s price surge — after its horrendous slump in 2014 — aren’t very clear, but one possibility is the market’s positive expectations with regards to the U.S. SEC approving the Winklevoss brothers’ bitcoin ETF, which would make trading Bitcoin in the U.S. much easier.

Though based on just this one fact you can’t ditch gold and buy Bitcoin , absolutely not. Bitcoin’s price has been incredibly volatile in the past, and though the past several months look very solid, a number of questions loom over the digital currency.

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Nisheeth Bhakuni