Bitcoin Hits Milestone By Becoming More Valuable Than Gold

Perhaps the single most defining attribute of cryptocurrency Bitcoin is its volatility – a quality that can be either a dream or a nightmare come true for those who choose to invest in it. Recently, a good day for Bitcoin and a bad day for gold coincided, leading to a milestone for the former: For the first time in its history, a single unit of Bitcoin (known as a bitcoin, for capitalization nuance junkies) was worth more than an ounce of gold.

According to Engadget, the momentous occasion happened on Friday, March 3rd, 2017, when Bitcoin overtook the per-ounce value of gold at $1,238.11 per unit. At that point, gold was only worth $1,237.73 per ounce, which means Bitcoin was valued at less than a dollar more. Still, a win is a win, and I'm sure most every Bitcoin activist in the world drew a gold circle around that day on their calendars.

George Frey/Getty Images

Like most developments with Bitcoin, it wasn't to last, and equilibrium in the marketplace was quickly restored. For perspective's sake, as of this writing a single bitcoin is worth $1,188.98, while an ounce of gold will set you back $1,213.10. But the fact that the two are even in spitting distance of one another is good news for Bitcoin advocates, who have long touted Bitcoin's potential value as a new "gold standard" (or "Bitcoin standard," I guess) for safe investing regardless of what's going on with the rest of the economy.