The price of one Bitcoin surpassed the price of an ounce of gold for the first time in history on Thursday, a milestone some investors said solidifies the currency as “digital gold.”
By Thursday evening, the price of one Bitcoin was $1,271, according to CoinDesk’s Bitcoin Price Index. Meanwhile, gold per ounce was priced at $1,235, according to Oklahoma-based precious metals retailer APMEX.
Bitcoin is a type of digital currency created in 2009 by a software developer using the name Satoshi Nakamoto. Unlike dollars or euros, Bitcoins are not printed. Instead, computers “mine” them from a set number of Bitcoins.
This time last year, the price of one Bitcoin was $421.60. The value now floats around $1,200, more than tripling in the last 12 months. Gold, however, has been trading around the same price it was a year ago.