Fidelity bank banner Bayelsa State banner
Bitcoin worth more than gold in US for first time

By News Express on 04/03/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,245


The value of digital currency bitcoin hit a record high Friday buoyed by investors hoping the U.S. government would approve an exchange-traded fund.

Known as a cryptocurrency, bitcoin was invented in 2009 by a group of engineers under the name Satoshi Nakamoto. No printed currency is involved; instead, a computer algorithm mines more bitcoins from existing bitcoins.

And for the first time, bitcoin became more valuable than gold, usually heralded as an extremely safe asset.

According to analysis firm Coindesk, one bitcoin traded at around $1,280, with a daily high of $1,293.47 -- its highest value ever. Gold, on the other hand, fell to $1,231.5 per ounce Friday.

The optimism appears to be fueled by rumors the Securities and Exchange Commission (SEC) would soon approve the first bitcoin exchange-traded fund (ETF) in the U.S.

The SEC is expected to hand down a ruling March 11 whether to approve an EFT application that was filed almost four years ago.

During its eight years of existence, bitcoin’s value has been volatile and exchanges have been the victim of hackings.

Last March, one bitcoin was worth about $420. An ounce of gold was worth roughly the same amount.

On Friday, a leading Federal Reserve official urged caution about the volatile cryptocurrency.

“A digital currency issued by a central bank would be a global target for cyberattacks, cyber counterfeiting, and cyber theft,” Fed Governor Jerome Powell warned during a conference at Yale Law School.

While the comparison of an ounce of gold to a single bitcoin is fairly arbitrary, it illustrates the mood of many investors.

Gold is usually in demand during uncertain times, but the market appears to have a lot of trust in President Donald Trump’s ability to cut business regulations.

It also seems investors are bullish. Many are willing to take a risk on bitcoin even with its unstable history. (Anadolu Agency)

Source News Express

Posted 04/03/2017 6:39:41 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Rice smuggling: Nigeria to shut land border soon...

APC heading to court over Ekiti governorship elections...

Rights coalition drags BPP before EFCC over approval...

Obasanjo has signed death warrant of PDP, says...

Witnesses desert David Mark at tribunal

New Year Gift: Saraki to launch Made-in-Nigeria ‘Challenge’...

Reps commend CBN on remittances to the Federation...

Troops kill kidnappers, rustlers

IPMAN demands demolition of 2,000 filling stations nationwide...

Forex: CBN assures of more interventions

7,000 dump PDP for APC in Yobe

PDP Spokesman Olisa Metuh humiliated, then granted bail...

 

Latest News Court order: Why we’ve not arrested Uwazuruike — Police Boko Haram attacks Borno military barracks Student kills parents, self over eczema US, Europe told to impose sanctions on Nigeria over killings of Biafra protesters •No going back on petition to ICC, says HURIWA 2019: Over 100 parties to contest, registered voters top 80m — INEC Offa Robbery: NOPRIN warns against compromise, cover-up Unemployed graduates hail Dickson as Bayelsa begins recruitment of 1,000 fresh civil servants Sarasuka gang leader, 32 others in police net Why I want to be Osun Governor – Reps Deputy Speaker, Lasun Cameroonian separatists have killed 84 troops since Sept. 2017: Government APC national convention: Fears over parallel delegates Ikpeazu meets Abia pensioners, promises regular payment

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,251 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (351,576 views) Shameless Genevieve Nnaji exposes breasts in public (280,185 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,057 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,046 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,746 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,791 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,889 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,910 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,597 views) Lagos plane crash: Journalist releases victims’ names (143,826 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,655 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,258) Business Verdict (44) Columnists (868) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (505) Features (607) Global Business Monitor (283) International (2,044) Interview (154) Live Commentary (28) Love Matters (123) News (36,364) Opinion (1,004) Pidgin (10) Politics (5,295) Religion (770) Sports (1,552) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Portugal v Spain 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement