The US Treasury Department has officially recognized bitcoin as “digital gold” in its latest report.
“The primary use of bitcoin appears to be as a store of value, meaning ‘digital gold’ in the world of decentralized finance (DeFi),” the report for the 4th fiscal quarter of 2024 states.
The document notes that speculative interest plays a significant role in the growth of digital tokens, yet bitcoin is increasingly serving as digital gold.
Last month, newly elected US President Donald Trump nominated Scott Bessent, known for his affinity for cryptocurrencies, as Treasury Secretary. And in July, Trump promised to create a strategic national bitcoin reserve.
Earlier this week, the Chairman of the Federal Reserve (Fed) Jerome Powell compared bitcoin to gold at the DealBook conference by the New York Times.
“It’s just like gold, but virtual. People use it not as a means of payment, but rather as a store of value. It’s a highly volatile asset that’s more a competitor to gold than to the dollar”.
Bitcoin reaching the $100k mark in December was a psychologically significant milestone. According to experts, further price increases of bitcoin will stimulate even greater interest in cryptocurrencies and promote its integration into the traditional economy. The position of the first cryptocurrency is strengthened by support from major corporations like BlackRock and MicroStrategy.
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