Could Bitcoin become the new gold standard for currencies? It would seem within the realm of possibility as the popular cryptocurrency is now more valuable than gold for the very first time. Following a crash in 2015 that resulted in a low of just $200 USD, a single unit of Bitcoin is now worth $1,238.11 USD, thus surpassing gold’s value of $1,237.73 per ounce. As Engadget points out, gold has long been considered to be one of the most secure bets in the investment world since it’s less volatile than the likes of real estate, so it’s plausible that Bitcoin could ultimately supplant gold as the go-to currency backer.
Bitcoin would ultimately need to sustain its value over a longer period of time to truly be considered an alternative to gold — the potential of another drastic decline in valuation still makes it exponentially more volatile than gold — but its price is undoubtedly a sign of hope for cryptocurrency believers.