Demand for the digital cryptocurrency has soared since the start of the year. The value of a bitcoin has climbed above that of a troy ounce of gold for the primary time on report after the cryptocurrency loved a dramatic upswing in curiosity since final yr. Bitcoin has jumped by practically 33 per cent this yr to commerce at $1,265 on Thursday amid a surge in curiosity in China, the place the authorities fret the digital forex is getting used to facilitate capital flight from the nation. Bitcoin has risen practically 200 per cent over the previous 12 months, regardless of efforts to curb its use in China. Pattern the FT’s high tales for per week You choose the subject, we ship the information. Choose matter Enter e-mail addressInvalid e-mail Join By signing up you verify that you've learn and comply with the phrases and situations, cookie coverage and privateness coverage. After all, evaluating gold to bitcoin is unfair, on condition that the valuable metallic is measured in weight – a troy ounce of gold (about 31 grams) value $1,233 on Thursday – whereas the digital forex beloved of technologists is completely ephemeral and summary. However the cross is nonetheless symbolic of its sudden endurance and affect in sure circles. Though many of the curiosity has shifted in direction of the potential wider usages of blockchain – the digital ledger that underpins bitcoin – the Securities and Alternate Fee is presently contemplating a proposal for an exchange-traded fund backed by bitcoin. SEC officers on February 14 met with Tyler and Cameron Winklevoss – the bitcoin ETF’s champions – to debate the proposal and a call is due by March 11, in accordance with Bloomberg. The digital forex got here near the headline gold worth in late 2013, when it spiked above $1,000 per greenback for the primary time, however then shortly halved in worth in 2014, traded sideways for a lot of 2015 earlier than embarking on a pointy rally in the midst of final yr.