Photograph by George FreyGettyGeorge Frey Getty Images
A single bitcoin is now roughly twice as valuable as an ounce of gold.
The most recent flurry of buying helped send the price of bitcoin up over $2,600 in trading Friday, while the value of gold has stayed at about $1,267 per ounce. Bitcoin's value has since pared its gains, and traded at about $2,433 midday Friday.
Just two months ago, bitcoin only just inched above the value of gold .
The surge comes as the cryptocurrency gains legitimacy in countries such as Japan, and Chinese regulators look to be growing more tolerant of bitcoin . Despite bitcoin's volatility, some investors have also come to see the currency as a good place to store funds in times of geopolitical uncertainty.
Gold, too, is known to be a "safe haven" asset investors buy the precious metal when turmoil looks just around the bend. But while gold has risen 10% this year, bitcoin has risen 153%.
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Bitcoin Is Twice as Valuable as Gold Right Now - Fortune
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