U.S. Treasury Labels Bitcoin 'Digital Gold', CZ Predicts $1M Price Target

Dec 9, 2024, 05:34 PM

The U.S. Treasury has officially recognized Bitcoin as 'digital gold' in its latest report, highlighting its role as a store of value similar to traditional gold. This acknowledgment comes amidst growing interest in cryptocurrencies, with former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo also describing Bitcoin as 'digital gold' and an idea whose time has come. Additionally, Changpeng Zhao (CZ), the former CEO of Binance, has argued that Bitcoin's market capitalization should exceed that of gold, which currently stands at $16 trillion, suggesting a potential $1 million price target for Bitcoin.