The price for a single bitcoin exceeded the price of an ounce of gold for the first time ever Thursday, but the digital currency isn’t ready to join gold or silver as a reliable long term store of value, Paul Mladjenovic, author of “Precious Metals Investing for Dummies,” told MarketWatch.
“I want to see a lot more stability and I want to see that [bitcoin] has the same characteristics of durability that gold and silver have had over not just years but centuries,” Mladjenovic said in a Facebook Live interview.
The price of a single bitcoin
US:BTCUSD
rose to an all-time high of $1,251.32 on Thursday, according to CoinDesk’s bitcoin price index. April gold futures on Comex
GCJ7, -1.22%
changed hands at $1,233.20 an ounce, down 1.4% on the day. For the year to date, gold is up more than 7%, while bitcoin is up more than 25%.
See: Bitccoin is now worth more than ounce of gold for the first time ever
the creation of the first bitcoin exchange-traded fund.
The price of a single coin rose as high as $1,242 on some exchanges in late 2013 before the collapse of Mt. Gox, which was one of the largest digital currency exchanges. Bitcoin slumped to a low of $200 in the ensuing bear market.
Mladjenovic discussed a number of other topics related to gold and precious metals investing in the Facebook Live interview. He expects gold to rally amid a pickup in global inflation pressures. Watch the full interview here:
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