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The Price of Bitcoin is Now Worth More Than One Ounce of Gold
Bitcoin’s price has reached parity with the per-ounce spot price of gold for the second time in its history.
Bitcoin's price has reached parity with the per-ounce spot price of gold, according to the CoinDesk Bitcoin Price Index (BPI).
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The per-ounce spot price for gold is $1,237.73, according to the XAU/USD spot exchange rate provided by Bloomberg Markets. Bitcoin's price, by comparison, is at $1,238.11, having opened the day at $1,230.02, BPI data shows.
The move follows a break to new all-time highs for the price of bitcoin, which began the year by crossing the $1,000 mark.
Markets have seen dizzying changes in recent weeks, breaking through a three-year-old high on 23rd February. Prices have largely continued to climb since.
Driving the price is overall bullish sentiment in the market, as traders have seemingly taken a positive tack toward the prospects of the US SEC approving the first-ever bitcoin ETF.
The SEC has a deadline of 11th March to make its decision.
Overall, it's been more than three years since the last time gold and bitcoin hit parity, though it's worth noting that this was on Mt Gox, which was the only exchange that had a price to reach parity.
Image via Alex Sunnarborg for CoinDesk
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
