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: Money.net, 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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