Owners of the bitcoin can celebrate as the digital cryptocurrency has touched a new high. Now one bitcoin is worth more than an ounce of gold. As per the Bitcoin Price Index, one ounce of gold is worth $1,227.66, whereas one Bitcoin is worth $1,281.95. It has been an amazing year for Bitcoin. The cryptocurrency was worth just $200 a year ago. Although there is no connection between gold and Bitcoin, this comparison breaks the psychological barrier that many people have. Bitcoin was long ago termed as “digital gold.”
The cryptocurrency had a massive fall in the year of 2014. Also, the reasons for its surge are also not clear. But, it sure hints at the possibility of U.S. SEC approving the bitcoin ETF. This would make Bitcoin trading quite easy in U.S.
Does this mean one should buy Bitcoin instead of gold? Not yet, as the price of the cryptocurrency has been so volatile over the last few years.