Bitcoin is a crytocurrency, and its popularity is still increasing. While it's young and unstable, its price is showing good values.
With each bitcoin peak values beating previous peaks, according to Google Trends and Bloomberg, people search for "buy bitcoin” more frequent than "buy gold."
And adding insult to injury for gold after an ounce began to cost less than one bitcoin for the first time in 2017, bitcoin also surpasses the precious metal gold for the first time, in terms of investing..
It has been commented that at a glance at gold profits for 2017, bitcoin is becoming the best investment short of choice for the year.
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The surge in the cryptocurrency’s attraction is also coinciding with a well-performing U.S. stock market.
What's more, bitcoin price had again reached a new milestone, just a moment after a number of chief executives from prominent bitcoin companies, including Xapo, Bitmain, and Blockchain.info, signed off on a letter. They said that the effort to fork bitcoin, called Segwit2x, would be called off because it would "divide the community."
The letter was posted to the Segwit2x mailing list.
"Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x," the letter, signed by six CEOs.
With the market opening at all-time high day after day, it's no surprise that gold prices have somehow stagnated. With the popularity and the ever-increasing value of bitcoins, some investors are being distracted by the noise around cryptocurrencies.
According to a New York Times report, big Wall Street investors are also “pouring their money” into the virtual coin, with the number of hedge funds focusing on cryptocurrencies. The number in 2017 increases to almost 130 from previous year at 30.
CME Group has also announced plans to launch a bitcoin futures contract.