14 DAY TRIAL // Bitcoin has reached a new historic high today as its price now surpasses that of one ounce of gold.
If you thought the lucky streak from back in December, when Bitcoins passed the $1,000 mark and stayed there for a while, was a feat, then this one is even better. Sitting at over $1,275, Bitcoins are now more expensive than an ounce of gold. This is the third day in a row for Bitcoin to hit all-time highs, so we may have yet to see the top valuation for the crypto currency.
Today's feat has a mix of reasons behind it. On the one hand, Bitcoin's value has been climbing like crazy in recent weeks. On the other hand, gold is having a bit of a tough time lately. In fact, it's pretty much trading for the exact same price it did a year ago.
Then, there's also the fact that while the two are both alternative assets for those looking to invest in something, there's not really much else they have in common.
Up, up, up
Regardless, it's a notable feat that Bitcoin has passed the price of gold, even if it's going to be a temporary crown to bear. After all, it is well known that Bitcoin's valuation is quite volatile. It has passed the $1,000 mark many times over the years, but it has always gone down for a while due to various reasons. For instance, the dive it took early this year is believed to be connected to the extra regulations and investigations into Bitcoin taking place in China.
Back when it was first launched, many believed that Bitcoin would end up to be the "new gold" and investors would prefer it over actual gold. That being said, with its history of price volatility and the difficulties that come with actually investing in Bitcoin, it's unlikely that this will happen anytime soon.