Bitcoin price reached its highest value last Friday, and exceeded the price of one ounce of gold for the first time...
This crypto currency sold at a price of 1,294 dollars, while an ounce of gold is still standing at 1,234 dollars. The price of bitcoin has increased due to the high demand of the Chinese market, despite the restrictions of the central bank of the country. Bitcoin was the best performing currency last year, because it more than doubled its value annually.
Some experts argue that bitcoin will soon replace the value of gold, as the precious metal apparently becomes something you will not have so much meaning. By tradition, gold was the safest investment for those investors who have huge sums of money.
"The price of gold is going up, but not as fast as the price of bitcoin," said Brian Kelly, a trader of this digital currency. The Executive Director of Euro Pacific Capital Company, Peter Schiff, is somewhat sceptical about the future of this crypto currency, calling it „gold for digital fools."
As he says, although bitcoin reached a very high value last week, it will never be sustainable enough. "Today, bitcoin, tomorrow the beanie babies," said Schiff.
The legal status of bitcoin is still unresolved, and varies from country to country. Some countries have accepted it and encourage its use, while in the others, it’s banned or restricted. As say many critics, bitcoin will become very risky currency, as it is increasingly becoming attractive to organized crime.