Bitcoin Is Now Worth More Than Gold

By Holly Brockwell on at

Last night, for the first time, the value of Bitcoin was higher than gold: $1,268 (about £1036) for one Bitcoin vs $1,233 (about £1,008) for a troy ounce of gold when the markets closed.

While many people are sceptical of the usefulness of the 'libertarian magic beans,' Bitcoin has weathered several storms and established itself as a legitimate offering in a world where most currencies are far older.

The Bitcoin crash of 2014 was particularly catastrophic, with the collapse of huge BTC exchange MtGox resulting in losses of about £251m. However, the cryptocurrency bounced back, hitting record highs in January this year, and now outstripping even gold.

The BBC reports that this year's price surges are likely because of huge demand in China, where it's apparently used to channel money out of the country. We'd wager people who own Bitcoins don't much care about the reasons, just the outcome, so the drinks are definitely on them tonight. [BBC]

Main image: Antana via Flickr Creative Commons