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Bitcoin Is Now Worth Nearly 3 Times More Than an Ounce of Gold
Bitcoin's rising price has made it worth nearly three times as much as gold, according to public markets data.
By Pete Rizzo
Updated Sep 14, 2021, 1:57 p.m. Published Aug 7, 2017, 1:00 p.m.
More than five months after bitcoin and gold prices hit parity, bitcoin is now worth nearly three times as much as the more traditional store of value.
The price of bitcoin reached a new high above $3,400 during today's session, a figure that was more than $2,000 above the price of gold. At press time, the precious metal was trading for $1,257 according to a spot exchange rate provided by Bloomberg.
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Overall, it's the latest sign that the cryptocurrency asset class may be maturing in the eyes of an increasingly professional set of investors – earlier today, the total value of all publicly traded cryptocurrencies set a new all-time high, rising above $117 billion for the first time.
But while largely symbolic, the finding is notable given that bitcoin enthusiasts have long compared the digital asset to gold, arguing that it is a more effective store of value due to its digital and provably finite nature.
Still, it remains difficult to determine whether the two assets have any relationship in the market, with past attempts to draw a correlation largely coming up empty.
A CoinDesk report from July of last year found that, despite the fact they are both considered safe havens, there is hardly any similarity in market movements.
Gold bars image via Shutterstock
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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