Bitcoin prices continued to set fresh record highs Thursday, with the cryptocurrency now trading at more than twice the price of gold after having only surpassed the bullion's spot value three months ago.
Bitcoins were marked at $2,722 each on the Bitsmap exchange in Europe at 15:15 BST, a more than $500 increase from earlier this week and more than last week's close and a more than 111% increase from March 2, when the cost of a single bitcoin exceed the cost an ounce of gold for the first time. Since the, gold has only increased by around $25 an ounce to $1,256 per ounce.
Earlier this week, Barry Silbert and the Digital Currency Group he founded posted a declaration, which claims to have the support of 56 companies in 26 different countries, that agrees to "immediately support the following parallel upgrades to the bitcoin protocol" and reiterates a commitment to " ... the research and development of technical mechanisms to improve signaling in the bitcoin community, as well as to put in place communication tools, in order to more closely coordinate with ecosystem participants in the design, integration, and deployment of safe solutions that increase bitcoin capacity."
Bitcoin's gains have also mirrored declines in the U.S. dollar and surge in trading activity in Japan, where it was deemed as 'legal tender' by the government and began being used as a common form of payment as of April 1.
The U.S. dollar index, a measure of the greenback's strength against a basket of six major currencies, has fallen more than 2% since the beginning of the May amid investor concern over the fate of President Donald Trump's tax reform and stimulus spending strategies as his administration grapples with myriad allegations related to his ties with officials in Russia.