At the time of writing, one bitcoin (1BTC) equals £639.90, or $1,042, though its value against those currencies has been fluctuating since first passing the $1,000 landmark last week.
One bitcoin is nearly worth one ounce of gold, and its market cap is worth around half of the annual silver supply to the market.
But this is no ordinary currency.
Unlike gold and silver, it could be argued that it has no intrinsic value. On the other hand, unlike gold and silver, it is currently free from market manipulation by the big financial institutions and central banks, so its value is being driven by demand from investors looking for an alternative to the increasingly debased and untrusted fiat currencies.
The issue is: have the masses already missed out on the bitcoin boom, with the early adopters and investors with cash to spare using it compound their advantage over the rest of us? Or is this still the monetary knight in shining armour?
You won’t find answers, but this might help with your questions: five things BTC passing $1k means for investors – The Real Asset Co.