Bitcoin Price Surpasses Gold

The exchange rate of the digital currency Bitcoin against the United States dollar has continued to show an increase. On March 13, 2017, the Bitcoin exchange rate rose 12.4 percent to US$1,237.5, while the price of gold commodities in the spot market slightly decreased to US$1,204.3 per troy ounce. This was the first time that the price of Bitcoin surpassed the price of gold. However, after that, the Bitcoin exchange rate against the US dollar reversed course and fell.

The price of Bitcoin again exceeded the price of gold on April 25, 2017, reaching US$1,281.87 while the price of gold was US$1,269.22 per troy ounce. After that, the Bitcoin exchange rate continued to show an upward trend, leaving the price of gold behind. In fact, on May 19, 2019, the exchange rate of the cryptocurrency soared to its highest level at US$1,938.04, or approximately Rp 25.78 million. The limited supply and high demand caused the price of Bitcoin to continue rising.

Although it has become a fairly widely used payment method in the digital world, the existence of this virtual currency, first introduced by Satoshi Nakamoto in 2009, still sparks pros and cons. Furthermore, it is not yet accepted as legal tender in many countries, including Indonesia.