Bitcoin’s meteoric price rise is showing no signs of slowing down and its latest all-time high has priced the asset higher than a 20 ounce gold bar.
Over the past six hours, Bitcoin prices topped $40,000 briefly according to Tradingview.com. The move has added a further 5% over the past 24 hours and the rally is showing no signs of cooling down yet.
Industry observers often call Bitcoin “digital gold” as it is a store of value asset, and this latest price peak pushed prices higher than those for the standard 20 ounce gold bar.
At the time of writing, gold was currently trading at $1912/oz according to Goldprice.org, so a 20 ounce bar would set you back $38,240. Bitcoin’s price, taken at the same time, was a little over $39,000.
It now takes more than an entire, 20 ounce, gold bar to buy a single #Bitcoin pic.twitter.com/B8YsAgyRJL
— Documenting Bitcoin (@DocumentBitcoin) January 7, 2021
Secretary and vice chairman of the DigiByte Foundation, Rudy Bouwman, while touting his own cryptocurrency said:
“Bitcoin will become like gold bars, only a store of value.”
This rally is slightly different to the one in 2017 as it is being primarily driven by institutions which, unlike retail traders, tend to hold the asset for long termTitle: Bitcoin is now worth more than a 20 ounce gold bar
Sourced From: cointelegraph.com/news/bitcoin-is-now-worth-more-than-a-20-ounce-gold-bar
Published Date: Fri, 08 Jan 2021 02:25:07 +0000