In its latest report, the U.S. Department of the Treasury has officially acknowledged Bitcoin as “digital gold.”
“The primary use of Bitcoin appears to be value preservation, making it the ‘digital gold’ of the decentralized finance (DeFi) world,” the report for Q4 2024 states.
The document highlights that while speculative interest has driven the growth of digital tokens, Bitcoin is increasingly fulfilling its role as a store of value.
Last month, newly elected U.S. President Donald Trump nominated Scott Bessent, a known cryptocurrency advocate, as Secretary of the Treasury. In July, Trump also pledged to establish a national strategic Bitcoin reserve.
Earlier this week, Federal Reserve Chair Jerome Powell compared Bitcoin to gold during the New York Times’ DealBook conference, saying:
“It’s just like gold, but virtual. People don’t use it as a payment method; rather, they see it as a store of value. It’s a highly volatile asset, not a competitor to the dollar but more of a rival to gold.”
Bitcoin hitting the $100,000 mark in December has become a psychologically significant milestone. Experts suggest that this price surge is driving even greater interest in cryptocurrencies and encouraging their integration into the traditional economy. The leading cryptocurrency’s position has also been strengthened by support from major corporations such as BlackRock and MicroStrategy.
