[2017-03-02]The Price of Bitcoin is Now Worth One Ounce of Gold

[TravelMug]

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.

The Price of Bitcoin is Now Worth One Ounce of Gold

[Idrisu]

My spirit was lifted when I read this news today on coindesk. Currently bitcoin price is $1260 the all time high. The bullish trend is shown significant volume as many traders are  buying now and few are selling. Either the ETF is approved or not I expect bitcoin to trade above $1000 through out this year.

[yellow1]

It was good news indeed for the bitcoin community. I hope the price will still rise up to the end of the year and will not crush after the SEC decision on bitcoin ETF. Goodluck to all of us.

[LittleBitFunny]

If it stays that way and the ETF is approved, Bitcoin could get loads of positive press, but unfortunately it might be portrayed as an asset rather than a currency because if all they focus on is the price its benefits might fall into an abyss of price being the only thing that matters.

If Bitcoin's path is getting viewed as an asset it needs to have the legitimacy and stability that gold has, and Bitcoin isn't necessarily comparable to an ounce of gold because the market cap of gold is much higher than Bitcoin and this legitimacy won't come overnight from Bitcoin's price being higher than gold.