March 3, 2017, saw Bitcoin reach a milestone that tech website Engadget has deemed “a weird but auspicious moment in human history.” That’s because, on that day, the worth of one unit of the cryptocurrency – then $1,238.11 – exceeded that of the value of an ounce of gold, which was priced at $1,237.73 by Bloomberg Markets. Just 38 cents were in it – but it was a slim margin that made Bitcoin the winner. That achievement may have seemed unthinkable just two years before, when a single Bitcoin was equivalent to a mere $200. And as 2017 went on, the gap between the price of gold and the price of Bitcoin, in fact, became increasingly extreme. In mid-September of that year, for instance, an ounce of gold was worth $1,331.60; one Bitcoin, by contrast, had a value of $3,363.42, according to CoinDesk’s Bitcoin Price Index.
March 3, 2017 (updated May 31, 2020) Published by Lee Floyd