Setting a new record high on Friday, the price of Bitcoin surpassed the value of gold for the first time. A the end of the trading week, an ounce of gold traded for approximately $1,228, yet Bitcoin ended at $1,290.13 per unit, according to a report from CNBC.
The value of the crypto-currency has been on the rise recently, up more than seven percent just this week. While there are likely multiple factors for bitcoin’s price growth, the latest financial news is likely fueling the digital currency’s historic increase.
Bitcoin price has been climbing lately largely due to speculation as the Securities and Exchange Commission is on the path to approving the first U.S. Bitcoin exchange-traded fund. Two investors, brothers Cameron and Tyler Winklevoss, filed the ETF application with the SEC almost four years ago.