The unthinkable happened today. Not the premium on the Snap Inc (NYSE:SNAP) IPO debut but bitcoins are now worth more than gold for the first time ever.
The price of a bitcoin has climbed above that of a troy ounce of gold after the cryptocurrency enjoyed a dramatic upswing in interest since last year.
Bitcoin has jumped by nearly 33% this year to trade at $1,265 on Thursday amid a surge in interest in China, where the authorities fret the digital currency is being used to facilitate capital flight from the country. Bitcoin has risen nearly 200% over the past 12 months, despite efforts to curb its use in China.
Meanwhile, a troy ounce of gold (about 31 grams) cost $1,233 on Thursday.
Story by ProactiveInvestors