Us treasury declares Bitcoin a store of value as its market cap grows

Bitcoin’s classification as digital gold: The US Treasury has formally classified Bitcoin as a ‘digital gold’, affirming its role as a store of value in decentralized finance (DeFi). This reflects Bitcoin’s dramatic rise in market capitalization from just 6.4 million USD in 2015 to an impressive 2.3 trillion USD in 2024.

Bitcoin and gold: comparisons: Federal Reserve Chair Jerome Powell has drawn parallels between Bitcoin and gold. He underscores Bitcoin’s speculative attributes compared to its traditional role as a currency pegged to the US dollar. This highlights Bitcoin’s evolution into a MAJOR asset within digital finance.

Corporate and market impact: Corporations are increasingly incorporating Bitcoin into their financial strategies, with companies like Worksport buying into Bitcoin and XRP. This trend signifies a growing institutional acceptance of cryptocurrencies, driven by the ‘Fear Of Missing Out’ on potential gains in the evolving digital asset landscape.