One bitcoin now costs more than an ounce of gold.
The digital currency’s meteoric rise in 2017 continued this week, with prices hitting above $1,290 per unit on Friday. An ounce of gold, meanwhile, could be had for $1,228.
A number of factors have been driving the convergence of the two commodities.
Gold prices were driven lower this week after William Dudley, the president of Federal Reserve Bank of New York, told CNNMoney that U.S. interest rates could be hiked in the “near future.”
