Bitcoin value tops gold for first time

A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time.

It closed at $1,268 on Thursday while a troy ounce of gold stood at $1,233.

The current high is being attributed to surging demand in China, where authorities warn it is used to channel money out of the country.

The past months’ surge is a major reversal for Bitcoin, which plummeted in value in 2014 after the largest exchange collapsed.

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Source: BBC News Retrieved 3 March 2017, from http://www.bbc.co.uk/news/business-39149475