One bitcoin now costs more than one ounce of gold

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The price of bitcoin has exceed the price of gold for the first time ever.

On Friday the price of bitcoin hit above $1,290 per unit while a troy ounce of gold could be bought for $1,228.

It has been a meteoric rise for the cryptocurrency in 2017, which is being put down to a surge in demand from China, where authorities have said they believe it is being used to move money out of the country.

Bitcoin’s value has been further fuelled by reports that the first bitcoin exchange-traded fund is set to gain approval by regulatory authorities in the US, Reuters reported Friday.

The price of Bitcoin has risen nearly 200 percent in the past 12 months, despite its value being volatile since its launch in 2009.

In 2013 its price plummeted after the FBI shut down Silk Road, the online black market place where goods were traded using bitcoin, amid allegations of drug dealing.

The news comes as the Stock Exchange of Thailand announced it would launch a blockchain based marketplace for startups later this year, according to a recent report in the Bangkok Post.

Blockchain is the technology that underpins bitcoin and other cryptocurrencies.

The launch of such marketplace in Thailand would represent an almost complete turnaround on the country’s stance on cryptocurrencies.

In 2014, the Bank of Thailand said that while the currency was not illegal, it did warn against its use.

However, earlier this year, technology experts predicted the widespread adoption of blockchain in Thailand within two years.

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