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US Treasury Acknowledges Bitcoin (BTC) Is ‘Digital Gold’
US Treasury recognizes Bitcoin as “digital gold” in its Fiscal Year 2024 Q4 report. ✅
- Federal Reserve Chair Jerome Powell compares Bitcoin to gold but emphasizes its volatility.
- Institutional investors continue to increase their Bitcoin holdings.
Bitcoin Gains Recognition in US Treasury Report
Bitcoin has received significant acknowledgment in a recent 132-page report by the US Treasury Department for Fiscal Year 2024 Q4. This report highlights Bitcoin’s rapid growth and its expanding role in Decentralized Finance (DeFi). The Treasury noted Bitcoin's rising usage and referred to it as “digital gold,” acknowledging its potential as a store of value.
The report also outlines how digital assets like Bitcoin, Ethereum (ETH), and stablecoins have seen tremendous growth, fueled in part by speculative interest.
Federal Reserve Chair Validates Bitcoin
Jerome Powell, Chair of the Federal Reserve, recently spoke at the New York Times DealBook Summit about Bitcoin’s place in the global economy. While he dismissed concerns that Bitcoin could replace the US dollar, Powell likened it to gold, calling it a “digital” and “virtual” asset.
However, Powell pointed out Bitcoin’s high price volatility, which makes it unsuitable as a medium of exchange or a stable store of value. He concluded that Bitcoin doesn’t threaten the US dollar but competes with gold in the digital space.
Bitcoin’s Evolution and Donald Trump’s Support
Bitcoin has seen tremendous growth over the years. Its market cap, which was just $6.4 million nine years ago, now exceeds $1.98 trillion. By 2019, Bitcoin had already reached a market cap of $194 billion, representing 50% of the overall cryptocurrency market.
In recent years, political figures like Donald Trump have shown increasing support for Bitcoin. The 2024 presidential candidate has expressed pro-crypto sentiments and proposed the creation of a national Bitcoin strategic reserve. Analysts believe that his leadership could significantly enhance the digital asset landscape in the United States.
Institutional Investors Expand Bitcoin Holdings
Institutional interest in Bitcoin continues to grow, with companies like BlackRock and MicroStrategy leading the charge. BlackRock’s iShares Bitcoin Trust ETF (IBIT) has acquired over 500,000 BTC, valued at nearly $50 billion. Analysts praise this milestone, especially considering the ETF’s relatively recent launch.
Similarly, MicroStrategy, led by Michael Saylor, has been accumulating Bitcoin since 2020. The company now holds over 402,100 BTC, demonstrating a consistent and strategic investment approach.
Conclusion
Bitcoin’s increasing recognition by institutions and policymakers marks a new phase in its evolution. While challenges like price volatility persist, the support from figures like Jerome Powell and Donald Trump, alongside growing institutional investments, underscores its status as a key digital asset.
$BTC
- Federal Reserve Chair Jerome Powell compares Bitcoin to gold but emphasizes its volatility.
- Institutional investors continue to increase their Bitcoin holdings.
Bitcoin Gains Recognition in US Treasury Report
Bitcoin has received significant acknowledgment in a recent 132-page report by the US Treasury Department for Fiscal Year 2024 Q4. This report highlights Bitcoin’s rapid growth and its expanding role in Decentralized Finance (DeFi). The Treasury noted Bitcoin's rising usage and referred to it as “digital gold,” acknowledging its potential as a store of value.
The report also outlines how digital assets like Bitcoin, Ethereum (ETH), and stablecoins have seen tremendous growth, fueled in part by speculative interest.
Federal Reserve Chair Validates Bitcoin
Jerome Powell, Chair of the Federal Reserve, recently spoke at the New York Times DealBook Summit about Bitcoin’s place in the global economy. While he dismissed concerns that Bitcoin could replace the US dollar, Powell likened it to gold, calling it a “digital” and “virtual” asset.
However, Powell pointed out Bitcoin’s high price volatility, which makes it unsuitable as a medium of exchange or a stable store of value. He concluded that Bitcoin doesn’t threaten the US dollar but competes with gold in the digital space.
Bitcoin’s Evolution and Donald Trump’s Support
Bitcoin has seen tremendous growth over the years. Its market cap, which was just $6.4 million nine years ago, now exceeds $1.98 trillion. By 2019, Bitcoin had already reached a market cap of $194 billion, representing 50% of the overall cryptocurrency market.
In recent years, political figures like Donald Trump have shown increasing support for Bitcoin. The 2024 presidential candidate has expressed pro-crypto sentiments and proposed the creation of a national Bitcoin strategic reserve. Analysts believe that his leadership could significantly enhance the digital asset landscape in the United States.
Institutional Investors Expand Bitcoin Holdings
Institutional interest in Bitcoin continues to grow, with companies like BlackRock and MicroStrategy leading the charge. BlackRock’s iShares Bitcoin Trust ETF (IBIT) has acquired over 500,000 BTC, valued at nearly $50 billion. Analysts praise this milestone, especially considering the ETF’s relatively recent launch.
Similarly, MicroStrategy, led by Michael Saylor, has been accumulating Bitcoin since 2020. The company now holds over 402,100 BTC, demonstrating a consistent and strategic investment approach.
Conclusion
Bitcoin’s increasing recognition by institutions and policymakers marks a new phase in its evolution. While challenges like price volatility persist, the support from figures like Jerome Powell and Donald Trump, alongside growing institutional investments, underscores its status as a key digital asset.
$BTC
Bitcoin, often called "digital gold," is revolutionizing finance. Launched in 2009 by the mysterious Satoshi Nakamoto, it thrives on blockchain technology, ensuring security and transparency. With a hard cap of 21 million coins, Bitcoin is a powerful hedge against inflation, much like gold—but faster, more portable, and immune to government control. Experts predict Bitcoin could skyrocket past $250,000 by 2025 and even hit $1 million in the next decade as institutions pour in billions. As global economies falter and fiat currencies lose trust, Bitcoin is emerging as the future of money—unstoppable, borderless, and primed for explosive growth.
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#bitcoin #BTCDigitalgold
#bulishmomentum #DIGITALGOLD
#RICH
$BTC $BTC $BTC
#bitcoin #BTCDigitalgold
#bulishmomentum #DIGITALGOLD
#RICH
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