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Bitcoin Tops Gold For First Time

A unit of the digital cryptocurrency known as Bitcoin has exceeded the value of an ounce of gold for the first time.

Bitcoin closed at $1,268 on Thursday 2, March 2017while a troy ounce of gold stood at $1,233.

The current high is being attributed to surging demand in China, where authorities warn it is used to channel money out of the country.

The past months’ surge is a major reversal for Bitcoin, which plummeted in value in 2014 after the largest exchange collapsed.

The value of Bitcoin has been volatile since it was first launched in 2009, and many experts have questioned whether the cryptocurrency will last.

Earlier this year, Chinese authorities clamped down on Bitcoin trading in an attempt to stop money flowing out of the country through illegal means.

But the closer scrutiny from Beijing only briefly sent the currency lower. After it had soared to record highs in January, it has since picked its steady rise in value

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