Bitcoin's jump to record highs this week put the digital currency close to being triple the price of gold.
"Our initial bitcoin report viewed bitcoin as a 'store of value' and over time would be seen as an alternative to gold," Thomas Lee, co-founder of Fundstrat, said in an email. In July, he became the first major Wall Street strategist to issue a bitcoin report, titled "A framework for valuing bitcoin as a substitute for gold."
Bitcoin traded near $3,487 Tuesday afternoon after hitting an all-time high of $3,525.04 earlier in the day, according to CoinDesk.
That's less than $300 away from triple the price of gold. Gold futures for December delivery settled $2.10 lower Tuesday, at $1,262.60 an ounce.
Bitcoin's first cross above gold's price this year on a closing basis was on March 2, according to data from CoinDesk and FactSet.