US Treasury Names Bitcoin Digital Gold After Price Explosion

Bitcoin saw its price climb back above $100,000 this week after bouncing wildly around the closely watched level, with the chief executive of Wall Street's largest market maker admitting he had “FOMO.”

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The price of bitcoin has more than doubled this year as a perfect storm hits the crypto market, with traders now bracing for a game changer this week.

Now, as Tesla billionaire Elon Musk's campaign against growing $36 trillion debt sparks calls for a U.S. strategic bitcoin reserve, the U.S. Treasury has called bitcoin “digital gold.” in a report.

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ForbesTesla CEO Elon Musks Issues US Bankruptcy Warning That Sparks Call for Radical SolutionBy Billy Bambrough

Bitcoin-backed US President-elect Donald Trump has appointed Scott Bessent as head of the United States… [+] Treasury amid a Bitcoin price boom.

Copyright 2024 The Associated Press. All rights reserved

The “primary use case for bitcoin appears to be a store of value, also called “digital gold,” in a world of decentralized finance (DeFi); “Speculative interest appears to have played a leading role in the growth of digital tokens thus far,” according to the report’s authors. wrote.

Last month, US President-elect Donald Trump nominated Scott Bessent, a hedge fund manager known for his pro-bitcoin and crypto stance, as the next Treasury Secretary.

In July, Trump promised to create a “strategic national Bitcoin reserve” and predicted that Bitcoin could eclipse gold's $16 trillion market cap during an appearance at the Bitcoin 2024 conference.

“I think everything is on the table with Bitcoin,” Bessent said following Trump’s Bitcoin reserve proposal.

Earlier this week, Federal Reserve Chairman Jerome Powell said bitcoin was comparable to gold at the New York Times DealBook conference.

“It’s like gold, but it’s virtual,” Powell said. “People don't use it as a means of payment or a store of value. It's very volatile. It's not a competitor to the dollar, it's really a competitor to gold.”

Bitcoin has seen its price skyrocket as it is adopted as digital gold by companies like BlackRock, the world's largest asset manager, and bitcoin buying giant MicroStrategy.

“The U.S. Treasury just declared bitcoin to be digital gold and yet some people still think $100,000 worth of bitcoin is too expensive,” said Dennis Porter, whose Satoshi Action Fund helped write a certain number of bitcoin and crypto rights bills at the state level, over

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ForbesBitcoin Now Poised to Be a $26 Trillion Microstrategy Game Changer as Crypto Prices SoarBy Billy Bambrough

The price of bitcoin has skyrocketed this year, breaking the previous all-time high bitcoin price.

Forbes Digital Assets

Bitcoin's price surge following Donald Trump's victory in the US presidential election, as traders bet the new administration will mean more Wall Street institutions and investors will buy bitcoin.

“Bitcoin crossing $100,000 is an incredibly important milestone from a psychological perspective, as people are programmed to think in 10 seconds,” said Peter Chung, head of research at Presto Research, in comments sent by email.

“As Bitcoin hits $100,000, we can expect to see a general surge in interest from individuals as well as broader media attention,” Chung added.

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