Bitcoin surges to another all-time high at B1.74m

Bitcoin rose to another all-time high on Monday at 1.74 million baht, or US$58,330.57 apiece, as physical spot gold hit a seven-month low with traders suggesting the current price dip is a good time to buy gold.

Bitcoin on Sunday surpassed for the first time the one-kilogramme gold price, which stood at about $57,300.

The market cap of bitcoin has scaled up to larger than $1 trillion, estimated to reach 10% of the physical gold market cap.

In baht, the all-time price of bitcoin also reached a new high of 1.74 million baht, a bit higher than the one-kilogram gold bar price (purity 99.99%) at 1.73 million baht.

“This is a good time to buy gold as I don’t think real gold will lose investors’ interest,” said MTS Gold Futures’ chief executive Nattapong Hirunyasiri.

Mr Nattapong said an asset whose price moves too quickly can fall just as quick.

“Although I am a…