The price of a bitcoin has climbed above that of a troy ounce of gold for the first time on record after the cryptocurrency enjoyed a dramatic upswing in interest since last year.
Bitcoin has jumped by nearly 33 per cent this year to trade at $1,265 a troy ounce on Thursday amid a surge in interest in China, where the authorities fret the digital currency is being used to facilitate capital flight from the country. Bitcoin has risen nearly 200 per cent over the past 12 months, despite efforts to curb its use in China.
Of course, comparing gold to bitcoin is arbitrary, given that the precious metal is measured in weight – a troy ounce of gold (about 31 grams) cost $1,233 on Thursday – while the virtual currency beloved of technologists is entirely ephemeral and abstract. But the cross is nonetheless symbolic of its unexpected staying power and influence in certain circles.