Bitcoin finally did it.
It beat gold.
On last Thursday, March 2nd, bitcoin was trading higher than gold, sitting at $1,292.71, nearly $66 dollars more than gold’s price of $1,226.89.
That’s the first time in its history that it beat gold. It hit $1,200 in 2013, but it was never able to sustain its highs, quickly crashing in value and dropping to $600.
Currently, bitcoin is priced at $1,284.98.
Gold is $1,234.60.
Bitcoin is becoming, and perhaps will soon overtake, what gold is, a safe-haven investment when economic troubles loom. The world is still reeling from the impact of Brexit and the 2016 U.S. presidential election, and the future is a lot more opaque than the markets like.
That’s why they’ve turned to bitcoin.
It’s steadily becoming an investment to trust. And with countries like India and Australia experimenting with a cashless society and turning toward electronic currency, it could soon be something we can’t do without.
Expect to see even more interest in bitcoin over the next week, as the SEC is deciding whether to allow the Winklevoss twins (of Facebook fame) to open a bitcoin ETF in the U.S.
To continue reading more about the rise of bitcoin, The Week article.