Jerome Powell

Chair

Bitcoin

DeFi

President Donald Trump

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The U.S. Treasury Department officially recognizes Bitcoin as “digital gold”, emphasizing its role as a store of value.</li> 
 <li>President Trump’s nomination of pro-Bitcoin advocate Scott Bessent as Treasury Secretary signals potential strategic reserve plans for Bitcoin.</li> 
</ul>  
<p>The U.S. Treasury Department has given official recognition to Bitcoin, likening it to “digital gold”. This highlights the cryptocurrency’s emerging role as a store of value.</p> 
<p>In a recent report, the Treasury stated that the primary use case for Bitcoin seems to be a store of value, similar to gold, in the world of decentralized finance (DeFi).</p> 
<h2 id="bitcoin-s-rise">Bitcoin’s Rise</h2> 
<p>Bitcoin’s market valuation has seen a meteoric rise from $6.4 billion in 2015 to an estimated $1.3 trillion by 2024. This exponential growth underscores the increasing interest in DeFi and digital tokens.</p> 
<p>Adding to the momentum, President Donald Trump has nominated Scott Bessent, a strong Bitcoin advocate, as the next Treasury Secretary. This move, along with Trump’s earlier pledge to establish a national Bitcoin reserve, signals a significant shift in the U.S. approach to digital assets.</p> 
<h2 id="views-from-other-executives">Views from Other Executives</h2> 
<p>Federal Reserve Chair Jerome Powell recently compared Bitcoin to gold at the DealBook conference. Similarly, ARK Invest CEO Cathie Wood and Dennis Porter echoed the sentiment that Bitcoin is akin to digital gold.</p> 
<p>In the meantime, Bitcoin’s price has seen a slight drop of 0.67% in the last 24 hours. However, analysts speculate that the rally could lose further momentum following Trump’s inauguration on 20th January 2025. Despite this, Bitcoin’s future remains uncertain as it navigates its next moves.</p>

US Embraces Bitcoin: BTC Hailed as the New ‘Digital Gold’

Table of Contents

CoinEagle.com

Other articles published on Dec 10, 2024

Chainlink integrates with Coinbase tokenized assets platform

Legacy Coins Like Cardano and Curve Are Pumping

Analyst Now Says Shiba Inu Is Just Beginning To Surge

Brad Garlinghouse Blasts CBS News for Omitting XRP Ruling

XRP Surges to All-Time High, Becomes the Third Largest Cryptocurrency by Market Cap

BlackRock’s Larry Fink is a financial genius. But his growing influence on Bitcoin should concern...

Join our free newsletter for daily crypto updates!