Bitcoin’s price has reached parity with the per-ounce spot price of gold, according to the CoinDesk Bitcoin Price Index (BPI).
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.
Thanks to Stan Higgins at CoinDesk for this informative article.
Image via Alex Sunnarborg for CoinDesk
So now that Bitcoin has officially passed the price of gold, what is next?
A lot of people may not get Bitcoin because they don’t understand it, but sometimes it’s hard to see the vision of a trend and you just have to take a jump with your eyes closed.
If you have money sitting in a bank in savings account, or in your PayPal why??? Your money is not growing there. Risk is pretty much non-existent at this point. I don’t even consider it investing. Bitcoin is becoming a way of life, digital money is here! Time to get your share!!!
Check out platforms such as Bittrex where you can buy/sell not only Bitcoin, but a host of other cryptocurrencies as well.