Mar 2, 2017

Bitcoin is now worth more than gold

Bitcoin is as good as gold — better, in fact. Late Thursday morning, the price of one bitcoin surpassed that of an ounce of gold.

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Data:, Coinbase; Chart: Andrew Witherspoon / Axios

Why it matters: Bitcoin was invented to be a gold-like investment, namely one whose supply increases at a steady and predictable rate. But it improves on gold in the ease with which it can be transferred and low storage costs. As investors become more comfortable with bitcoin, and as commercial applications for the code behind it proliferate, bitcoin has soared in value. We've been here before, however — back in 2013, bitcoin lost nearly 70% of its value after hitting highs close to today's.

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Scoop: Amazon's local podcast play

Illustration: Sarah Grillo/Axios

Amazon is looking to invest in localized podcast content, like news and sports, sources tell Axios. Sports content is top of mind as the company plans to buy up more TV rights and have adjacent audio content for users.

Why it matters: Amazon sees a strategic advantage in podcasts by leveraging Alexa voice tech to help users discover personalized content.

The oil stakes of Trump vs. Biden

Reproduced from Rapidan Energy Group; Chart: Axios Visuals

U.S. oil production is in a steep decline, but one question is how much November's elections will affect how much it does — or doesn't — bounce back.

Why it matters: The powerful price and demand headwinds from the coronavirus pandemic are creating a financial crisis in the oil patch.

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