the US Treasury officially defines BTC as “digital gold”

Speaking of the main use cases of Bitcoin, the US Treasury has officially defined BTC as “alias digital gold.” The leader of crypto continues to be increasingly recognized by governments. 

Bitcoin and the US Treasury officially defining it as “digital gold”

In the report of the US Treasury, a significant official definition has been passed for the crypto community, namely Bitcoin as “digital gold”.

In practice, speaking of the main use cases of Bitcoin (BTC), the United States Department of the Treasury (or Treasury) wrote the following:

“The main use case of Bitcoin seems to be that of a store of value, aka “digital gold,” in a world of decentralized finance (DeFi);”

This official statement recognizing Bitcoin joins others made by prominent government figures, suggesting a shift in opinions towards the leader of crypto. 

In fact, recently, even the President of the Fed, Jerome Powell, stated in an interview that Bitcoin is like gold.

Here, Powell would have first spoken about BTC stating that people do not use it as a means of payment, but as a speculative asset. However, he then added that Bitcoin is like gold, only it is virtual and digital. 

In this sense, Powell of the Fed emphasized that bitcoin is used in financial markets not as an alternative to the dollar, but rather as an alternative to gold. 

Bitcoin alias digital gold: the definition by the US Treasury and the use case as a store of value 

Focusing on the official statement written by the Treasury USA, in addition to recognizing Bitcoin as digital gold, it is also emphasized how: through the store of value in BTC. 

In fact, in the USA and around the world, there are more and more companies that want to buy and accumulate Bitcoin (BTC) as a reserve of value for their business. 

First among all is MicroStrategy, the Business Intelligence company founded by Michael Saylor, which for four years has implemented its strategy of accumulating Bitcoin as the company’s store of value.

As of today, the bitcoin wallet of MicroStrategy holds 401,100 BTC, equivalent to 23.41 billion dollars, with the latest purchase of BTC on December 2 of 15,400 BTC.

Going beyond the USA, there is Metaplanet, the investment company in Japan, which recently revealed that it has adopted BTC as a store of value for the company.

Another company based in Toronto, Canada, namely Rumble has revealed recently the new strategy of purchasing bitcoin as a corporate reserve.

The most recent one is Boyaa, the gaming company from Hong Kong, which has exchanged its Ethereum for Bitcoin as a corporate reserve.

BTC as a store of value for governments

In the last seven days, Bitcoin (BTC) has reached its ATH above $103,000, confirming a trend that continues to be bullish and for which the leader of the crypto can no longer be ignored. 

In addition to companies, governments also seem to be increasingly interested in having bitcoin as a national or local store of value. 

In the week of late November and early December, there have been several proposals involving Bitcoin from different countries.
In fact, in Brazil, the federal deputy Eros Biondini presented the bill to establish the Sovereign Strategic Reserve of Bitcoin (RESBit). In Vancouver, Canada, the mayor Ken Sim announced a motion proposing the city to purchase BTC as a reserve.