The U.S. Treasury Department referred to Bitcoin as "digital gold" in its financial report

According to News.bitcoin, the U.S. Department of Treasury pointed out in its fourth quarter report for fiscal year 2024 that the main use of Bitcoin seems to be as a store of value in the decentralized finance (DeFi) world, also known as 'digital gold'; so far, speculative interest appears to have played a prominent role in the growth of digital tokens.

"Despite a small base, digital assets have still achieved rapid growth. The growth comes from both native cryptocurrencies such as Bitcoin and Ethereum, and stablecoins." The document added: "So far, household and industry adoption of cryptocurrency has been limited to holding digital assets for investment purposes."