U.S. Treasury Names Bitcoin ‘Digital Gold’ After Price Explosion
Bitcoin has seen its price climb back over $100,000 this week after bouncing wildly around the closely-watched level, with the chief executive of Wall Street’s biggest market maker admitting he’s got “FOMO.” The bitcoin price has more than doubled this year as a perfect storm hits the crypto market—with traders now braced for a game-changer this week.
Now, as Tesla billionaire Elon Musk’s campaign against the spiraling $36 trillion debt pile spurs calls for a U.S. bitcoin strategic reserve, the U.S. Treasury has named bitcoin “digital gold” in a report.The “primary use case for bitcoin seems to be a store of value aka ‘digital gold’ in a decentralized finance (DeFi) world; speculative interest seems to have played a prominent role in the growth of digital tokens thus far,” the report authors wrote.