Bitcoin price surpasses gold

For the first time ever, the price of a single Bitcoin has surpassed the price of Gold. Thanks to a surge today on the Bitcoin market, single Bitcoins have hit just under $1,300 USD in comparison to Gold which is trading in the $1,225 range. Obviously the fluctuation in the Bitcoin market is far bigger than the Gold market but it just goes to show that Bitcoin has become a very interesting playing in the currency markets. The Globe and Mail have more on this story.

Bitcoin jumped to a new high Friday, a day after soaring past the price of an ounce of gold for the first time.

One unit of the virtual currency was trading above $1,292.71 at 7:30 a.m. in New York, compared with $1,226.89 for an ounce of gold. The metal’s had a terrible week, declining for the fourth time in five days.

The latest surge in bitcoin’s value has been attributed to tighter currency restrictions in countries such as China, India and Venezuela, as well as speculation about prospects under the Trump administration.