- The U.S. Treasury officially calls Bitcoin “digital gold,” recognizing it as a store of value.
- Trump’s pick for Treasury Secretary, Scott Bessent, signals strong support for Bitcoin.
- Top leaders like Jerome Powell and Cathie Wood agree: Bitcoin is the new gold.
- Bitcoin hovers near $98,600 as excitement builds ahead of Trump’s inauguration.
Bitcoin has come a long way from being dismissed as a “fad” or “magic internet money.” Now, the U.S. Treasury is officially recognizing it as “digital gold,” marking a huge moment for the world’s largest cryptocurrency. This is more than just a label — it’s a signal that Bitcoin is being taken seriously as a store of value, much like gold.
Bitcoin: From Skepticism to ‘Digital Gold’
In a recent report, the U.S. Treasury Department made it clear: Bitcoin’s main role is as a store of value — or as they put it, “digital gold.” The report highlighted Bitcoin’s explosive growth, noting how its market value skyrocketed from $6.4 billion in 2015 to $1.3 trillion in 2024. That’s not just a trend — that’s a transformation.
This recognition is a big deal. For years, Bitcoin has faced doubts and skepticism. But now, with a nod from the U.S. Treasury, it’s clear that Bitcoin isn’t going anywhere. It’s cementing its place alongside traditional assets like gold.
Trump’s Bold Bitcoin Plans
President-elect Donald Trump is leaning into this new reality. His nomination of Scott Bessent, a known Bitcoin supporter, as Treasury Secretary shows that his administration is serious about embracing crypto.
Trump has even floated the idea of creating a “strategic national Bitcoin reserve”, similar to how countries hold gold reserves. Bessent’s take on this? “Everything is on the table with Bitcoin.” That’s a big statement, and it suggests we might see some major moves in the near future.
Experts Weigh In: Bitcoin is Gold for a New Era
It’s not just the government getting behind this idea. Jerome Powell, Chair of the Federal Reserve, shared a similar view at the DealBook Conference. He said:
“It’s just like gold, only it’s virtual. People aren’t using it as a payment method or a store of value. It’s highly volatile. It’s not competing with the dollar — it’s competing with gold.”
Cathie Wood, the CEO of ARK Invest, and Bitcoin advocate Dennis Porter are also on board. Porter summed up the excitement perfectly:
“The U.S. Treasury just declared Bitcoin as digital gold, and people still think $100,000 is too expensive? We’re going much higher.”
Bitcoin’s Price: What’s Next?
Right now, Bitcoin is holding steady at around $98,600, a slight dip of 0.67% over the past 24 hours, according to CoinMarketCap. But with all this momentum and Trump’s inauguration coming up on January 20, 2025, analysts are split.
Some think the rally could slow down after the political shift. Others believe this is just the beginning, and Bitcoin’s price could easily push past $120,000. Technical indicators like the Donchian Channels (DC) and Bull and Bear Power (BBP) show that buyers are still in control. If Bitcoin breaks above $104,088, we could see another surge.