Cryptocurrency bitcoin has surpassed the value of gold for the first time, as a result of surging demand in China.
A single unit of the digital cryptocurrency closed yesterday at $1,268, while a troy ounce of precious metal gold stood at $1,233. The move higher in bitcoin has been driven by demand in China, but authorities there have warned it is being used to carry money out of the country and tightened rulings on use of the cryptocurrency earlier this year, according to the BBC. In addition, the market capitalization of all outstanding Bitcoin also surpassed $20bn for the first time in bitcoin's history, reported Forbes. The value of bitcoin has been volatile since it was first launched in 20...
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