1 Bitcoin Exceeded 1 Ounce of Gold on Thanksgiving

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Bitcoin’s market capitalisation today is around $13.5bn. The total value of all gold mined in the world, at today’s price, stands at around $7.6 trillion. The total value of the world’s current reserve holdings is around $1.38 trillion.

Gold is superior for conservative, steady, long-term storage of wealth, Voorhees suggested, while bitcoin is far better for commerce and payments. Voorhees advises people to keep their savings mostly in gold, and their spending money mostly in bitcoin.

“As bitcoin’s price crosses that of gold, it shouldn’t be taken as an indication that ‘bitcoin is better,’” Voorhees concluded. He added: “They’re just different, and a proper understanding of the monetary virtues of both gold and bitcoin puts one ahead of just about everyone else on earth.”

Not everyone agrees, though. Venture capitalist Chamath Palihapitiya, who heads up the Social+Capital Partnership, has gone on the record to advocate bitcoin’s potential for stored value.

via One Bitcoin was Worth MORE than an Ounce of Gold Today. at Coindesk.com

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