The United States has seen a spike in demand for its precious metal in recent weeks, with investors eager to buy coins to trade for gold.
But as a result, the US dollar is now trading on bitcoin.
CoinDesk has a look at why this is happening.
What is bitcoin?
Bitcoin is a digital currency, created by an anonymous programmer in 2011, that has been gaining popularity in recent months.
Bitcoins are not backed by any government or government-backed institution, meaning they can be traded online without fear of fraud.
Bitcoin has been used in many ways around the world, including by criminal gangs and terrorists.
It’s also seen as a safe haven for those who have money stashed away overseas, but its popularity has also caused a boom in the US, with traders betting on it.
Bitcoin is traded on exchanges such as Bittrex, Kraken and Poloniex, but it is also available on exchanges including Gemini, Bitstamp, Coinfloor, and Coinbase.
Some traders have also been using the digital currency to make their own online payments, using a combination of bitcoin, cash, and an online wallet.
CoinDesk spoke to two US traders about what it is like to trade on bitcoin in the past week.
This story was originally published on CoinDesk.