Bitcoin, the all new Gold

Gold has always been seen as the symbol of wealth, more gold equals more money. The older generation also have the belief that it is better to keep gold than paper notes.

However, times have changed. With the recent surge of interest in cryptocurrency, it is safe to say that Bitcoin is now more valuable than gold.

By the usual quantity, gold is often priced per ounce. At the current moment, gold is worth USD$1,340.80 per ounce while Bitcoin is worth USD$13,670.70 per bitcoin. Furthermore, Bitcoin has shown a drastic increase in value in a short period of time

While gold appears to have a overall rather stagnant price, simply fluctuating across a 6-month-period for the past 2 years

However, crytocurrency does have its Achilles’ heel. Bitcoin owners in South Korea are currently sweating over the governments discussion on whether to ban the trading of cryptocurrencies. Once they finalise on the decision to ban, it will spell bad news for South Korean Bitcoin owners.

 

I am so nervous, my coins could become trash if the government closes the exchanges

said Kim Su-jin, a 50-year-old Korean book-keeper who has tried his hands on Bitcoin and other cryptocurrencies.

 

Similarly, China has started clamping down on Bitcoin mining operations, demanding an orderly exit from the Bitcoin industry, sending a wave of warning throughout the Bitcoin community

 

Meanwhile, it is undeniable that Bitcoin has been a good investment for those who entered the market early.