Gold is often seen as an investment “safe-haven” due to the long term stability of the commodity. It is also often used as a standard by which to compare cryptocurrency, especially Bitcoin. Many of the leading cryptocurrency’s major milestones have been viewed in terms of their comparison to gold.
The latest numbers are truly staggering. The price of Bitcoin reached a high today of over $3,400 (at the time of writing it stands at a similarly impressive $3,390.66), while the price of an ounce of gold is $1,260.40. This leaves Bitcoin at nearly triple the price of gold, renewing speculations about the ability of Bitcoin to become a substitute for gold.
This is great news considering the tumultuous recent history of Bitcoin that resulted in a much-dreaded splitting point for the currency. Still, Bitcoin has never been stronger in spite of (or perhaps thanks to) the upheaval.
Bitcoin also enjoyed some significant gains this weekend, crossing $3,200 for the first time in history.
Bitcoin, and cryptocurrencies in general, are enjoying an uptick in public visibility, which is undoubtedly fortifying the impressive gains being made. It will be interesting to see how meteoric the rise of Bitcoin will continue to be.