Bitcoin hit a new high on Friday (March 3), soaring past the price of an ounce of gold, reports Bloomberg.
One unit of the virtual currency was trading above $1,292 USD in New York on Friday, compared to $1,226.89 for an ounce of gold — which has declined for the fourth time in five days.
Gold has long been considered to be one of the most secure investments in the world, given that its more stable than investments like real estate. However, it appears people have faith in bitcoin, though experts still believe it has a long way to go.
“We’re a long way from bitcoin establishing its properties as anything that could be considered to be a reasonably stable store of value,” John Butler, head of wealth services for GoldMoney, tells Bloomberg. “The fact that it’s passing through gold is just arbitrary.”
The recent surge in bitcoin’s value has been attributed to tighter currency restrictions in countries such as China, India and Venezuela, as well as speculation about prospects under the Trump administration.