Rising Bitcoin Overtakes Falling Gold to Make History
At 23:00 GMT on Wednesday, CoinMarketCap listed the first ever cryptocurrency priced $1181.91 while gold was listed by APMEX at $1178.
The price of Bitcoin hit $1000 on New Year’s day bringing to reality the various predictions of experts. Despite the fact that it has slowed down a bit in the previous two days it managed to hit the 1000 mark to raise questions whether it can surpass now the next mark - the price of gold.
That was when the price of gold was hovering around $1,153.60. Some community members were of the view that Bitcoin would pass that sooner.
Gold down, Bitcoin up
For the last six months, gold has depreciated by 14 percent while Bitcoin rose almost 100 percent for the same period. It will interest you to note that in the month of December alone Bitcoin appreciated as much as 33 percent.
Barely three days after the New Year, Bitcoin has lived to that expectation without any blemish. At 23:00 GMT on Wednesday, CoinMarketCap listed the first ever cryptocurrency for $1181.91 while Gold was listed by APMEX at $1178 bringing the prediction to light.
A great feat
It is a fabulous 8th Anniversary birthday gift from Bitcoin to its community. It should be stated that the aforementioned is a novel in the history of the world. Bitcoin is the only currency that has transcended the price of gold.
It is explicit Bitcoin will continue to make inroads and soon be in the mainstream. It keeps proving skeptics wrong on all fronts.
On New Year's Eve, Cointelegraph asked Trace Mayer, a leading monetary and Blockchain expert on Bitcoin and gold, whether the Bitcoin Price will overtake an ounce of gold. He responded in the affirmative:
"I've been talking about this fourth great bull run for over a year."
He then referred to an article he posted on Run to Gold in December 2015, titled, The Rise of the Fourth Great Bitcoin Bubble.
Trace Mayer explained that investors over the years including himself had invested profoundly in the Bitcoin ecosystem. These were supporting infrastructure including merchant processor, wallets, exchanges and other support services.
According to him over $1 bln were invested in the Bitcoin industry some of which were not made public. It is his believe these are the foundation that will propel Bitcoin price and lead to a firm and inextinguishable industry.