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Bitcoin value tops gold for first time

A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time. It closed at $1,268 on Thursday while 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 crypto-currency will last. Earlier this year, Chinese authorities cracked down on Bitcoin trading in an attempt to stop money flowing out of the country illegally. 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.

 

Blue Star Capital PLC (LON:BLU), the investing company with a focus on technology and its applications within media and gaming, confirmed on 31st January 2017 that it had completed its investment in SatoshiPay.
SatoshiPay’s technology is a two-way platform that enables content providers to charge consumers small amounts of money to gain access to the provider’s media. These fees are referred to as “nanopayments” and they can be as small as a fraction of a cent. This is differentiated from traditional paywall subscription services in that each piece of content can be purchased individually. Users pay per article, per song, and per download.
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