11:34Bitcoin is now worth more than a 20 ounce gold bar
As Bitcoin price topped $40,000 it became more valuable than a 20oz block of gold.
Bitcoin’s meteoric price rise is showing no signs of slowing down and its latest all-time high has priced the asset higher than a 20 ounce gold bar.
Over the past six hours, Bitcoin prices topped $40,000 briefly according to Tradingview.com. The move has added a further 5% over the past 24 hours and the rally is showing no signs of cooling down yet.
Industry observers often call Bitcoin "digital gold" as it is a store of value asset, and this latest price peak pushed prices higher than those for the standard 20 ounce gold bar.
At the time of writing, gold was currently trading at $1912/oz according to Goldprice.org, so a 20 ounce bar would set you back $38,240. Bitcoin’s price, taken at the same time, was a little over $39,000.
Secretary and vice chairman of the DigiByte Foundation, Rudy Bouwman, while touting his own cryptocurrency said:
In terms of performance, Bitcoin has made a whopping 378% over the past 12 months whereas gold has only managed to gain 21.6% in the same period.
Additionally, Bitcoin is still making new all-time highs but gold prices have retreated 7.6% from theirs, which was $2,070/oz on August 6, 2020.
Gold bug and perpetual Bitcoin basher, Peter Schiff, finally admitted that Bitcoin was actually taking demand away from gold, as evidenced by those figures.
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