Following a disappointing false start last week, bitcoin exploded to record highs last week and has since maintained its ascent. According to CoinDesk’s index of prices from different exchanges as of 10:07 a.m. EST on Friday, one unit of the cryptocurrency is currently trading for $1,281.48. We considered what you could purchase for that amount of money in light of the surge (to be clear, these are items that have equivalent value to 1 bitcoin, not items that you can necessarily purchase by bitcoin).
1. One gram of gold
For the first time ever on Thursday, the cost of one bitcoin surpassed the cost of one Troy ounce of gold. Gold futures for April delivery closed at $1,226.45, while CoinDesk’s index closed the day at $1,260.92. The difference has grown even wider since this article was written.
When compared to here-today-gone-tomorrow securities and currencies, gold is a reassuringly old and tangible store of value that has long been used as a hedge against uncertainty. Even though bitcoin is not physically present, it is beginning to take gold’s place as an investment for uncertain times.
2. 5 SPYs
If gold isn’t your thing, at Thursday’s closing price, one bitcoin will purchase five shares of the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500.
3. Ethereum 67.9
Feeling a little more energized than gold or an index ETF? According to the most recent price provided by Kraken, if you venture further into the world of cryptocurrencies, you can pick up 67.9 Ethereum for 1 bitcoin. The young, even by this world’s standards, currency has shown promise as a means of carrying out smart contracts, a blockchain experiment that might let business owners create autonomous organizations. On the other hand, the blockchain that supports it has undergone four irreversible hard forks.
4. 77,431 Netflix Hours
You might decide against rebalancing your portfolio. You have a bitcoin that is worth over $1,000 and want to reward yourself. Why not stream for a few dozen thousand hours? The monthly cost of Netflix’s premium service is $11.99. At the time of writing, one bitcoin would last 8 years and 10 months. That translates to roughly 77,431 hours of mouthwatering content since you will most likely watch during every waking moment, as is the case with the majority of Netflix users.
5. Global Travel by Air
Better yet, put down the screen and get moving. You could go on a trip. You can fly on Delta from LaGuardia to Shanghai and back for just over $1,100 if you have one bitcoin.
6. Weed, 3 to 6 Ounces
The cost of marijuana varies greatly from state to state, but as of February 24, one bitcoin will get you 6 ounces in Oregon, the least expensive market, and 3 ounces in North Dakota, with some money left over. It doesn’t matter, that’s a lot of marijuana.
7. Four hoverboards
With a bitcoin, you can really wreck havoc on the Sharper Image catalog, and as luck would have it, hoverboards are currently on sale for only $299.99 each.
8. Lots of pizza
Since the very first Bitcoin transaction, in the real world, much has changed. For two Papa John’s pizzas on May 22, 2010, Laszlo Hanyecz paid a fellow early adopter 10,000 bitcoins. That was essentially a fair-value exchange back then. Currently, 10,000 bitcoin are worth around $12.8 million, and one bitcoin is roughly equivalent to two pizzas. Two medium pizzas from Papa John’s with two toppings each are available for $14. Taxes, delivery costs, and tip complicate the calculation somewhat, but we assure you that you can get more than enough pizza.