One Bitcoin Is Now Worth More Than One Ounce of Gold (techcrunch.com)

An anonymous reader quotes a report from TechCrunch: For the first time ever, the price of one bitcoin has surpassed the price of one ounce of gold. While today's swap can be attributed to a good day for bitcoin (up ~3%) and a bad day for gold (down ~1.3%), the big picture is that bitcoin has more than doubled in the last year (up ~185% from a year ago) while gold is essentially trading exactly at the price it was a year ago. Even though bitcoin and gold are both thought of as alternative assets, they don't usually trade in correlation. Still, it's notable that bitcoin has (at least temporally) surpassed the price of gold. Gold is quite literally the "gold standard" of alternative assets, often used by investors to hedge against potential losses in more traditional assets like real estate and the stock market.

Comments

Re:One bitcoin is worth more than gold to idiots

[Anonymous Coward]

You don't need active power to store bitcoin, wallet information can be safely stored on an offline medium such as a USB stick.

Re:One bitcoin is worth more than gold to idiots

[dunkelfalke]

Given that gold has been valuable for thousands of years, way before industrialisation, I'd say you are wrong. Gold has several properties that make it useful - it is non-reactive, corrosion resistant, quite biocompatible (has been used by dentists for centuries), an excellent conductor and so on.

Re:Think of all the energy wasted

[rmdingler]

Taking into account how many tons of ore are necessary to produce your ounce of gold, one could accurately posit a great deal of energy is used in its mining.