The meteoric price surge of Bitcoin shows no signs of slowing down and its new all-time high has cost the asset higher than a 20 ounce gold bar.
Bitcoin rates have temporarily reached $40,000 within the last ten hours, according to Tradingview.com. Over the last 24 hours, the change has gained a further 5% and the rally shows no signs of slowing down yet. Bitcoin is also called “digital gold” by industry analysts since it is a store of value asset, and this current price peak has brought values higher than those for the standard 20 ounce gold bar.
At the time of publication, according to Goldprice.org, gold was reportedly priced at $1912/oz, meaning a 20 ounce bar would set you back $38,240. The price of Bitcoin, taken at the same time, was a little under $39,000.
DigiByte Foundation Secretary and Vice Chairman, Rudy Bouwman, while supporting his own cryptocurrency, said: “Bitcoin will become like gold bars, only a store of value.”
This rally is quite different from the one in 2017 since it is largely powered by institutions that prefer to keep the asset for long-term investment rather than flip it for a short-term profit, unlike retail traders. This idea enforces Bitcoin’s store of wealth properties that make it more comparable than ever to gold. Bitcoin has achieved a whopping 378 percent in terms of results during the last 12 months, whereas gold has only managed to benefit 21.6 percent in the same span.