Bitcoin Earns Gold-Level Status, Says Treasury Chief

ByMason Drake

U.S. Treasury Secretary Scott Bessent has declared Bitcoin an emerging “store of value” comparable to gold, marking a significant shift in the government’s stance toward the world’s leading cryptocurrency. This unexpected endorsement comes amid global market turmoil following President Donald Trump’s sweeping tariff announcements that sent traditional stock markets into a tailspin.

“Bitcoin is becoming a store of value, gold has historically been a store of value,” Bessent told podcaster Tucker Carlson in an interview, according to Forbes. The Treasury Secretary acknowledged that throughout history, there have been “a lot of different stores of value over time,” placing Bitcoin within this important economic category.

Bessent’s comments gain particular significance as the U.S. stock market has plummeted by approximately 10% since Trump implemented his global tariff regime, which proved more aggressive than traders had anticipated. While equity markets faced severe pressure, Bitcoin’s price has shown remarkable resilience, climbing throughout the week and breaking its recent correlation with tech-heavy indices.

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Bitcoin Decouples From Stock Market

“As risk assets continue to sell off, investors may increasingly rotate into traditional hedges like bonds and gold—or into Bitcoin, which has shown notable resilience relative to equities in recent days,” David Hernandez, crypto investment specialist at 21Shares, told Forbes. This decoupling from traditional markets has reignited interest in Bitcoin’s potential as a hedging asset during economic uncertainty.

The Treasury Secretary distinguished between recent market troubles and the administration’s economic vision, noting: “What’s happening with the market I’d say it’s more a Mag 7 problem, not a MAGA problem.” The reference contrasts the struggles of major tech stocks (the “Magnificent 7“) with the Trump administration’s “Make America Great Again” economic policies focused on rebuilding the country’s manufacturing base.

The endorsement from such a high-ranking financial official comes shortly after BlackRock CEO Larry Fink suggested Bitcoin could potentially be a “safer bet” than the U.S. dollar, further legitimizing the cryptocurrency in traditional financial circles.

Trump Family Embraces Cryptocurrency

Bessent isn’t the only figure in Trump’s orbit expressing support for Bitcoin. Eric Trump, the president’s son, recently called Bitcoin “one of the greatest stores of value” and “an unbelievable hedge against real estate” during an interview with Fox Business Network, as reported by Crypto Briefing.

The younger Trump explained his journey into cryptocurrency began after experiencing what he described as politically motivated banking cancellations targeting Trump family accounts. “I never thought I’d fall into the world of crypto until every bank started cancelling us for absolutely no reason whatsoever other than the fact that my father was in politics,” he said.

Eric Trump has since become involved in cryptocurrency ventures including World Liberty Financial and American Bitcoin, a mining operation backed by the Trump family and Hut 8 that launched earlier this month. The DeFi venture reportedly raised over $550 million through token sales and recently launched its stablecoin, USD1.

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Market Implications

Bitcoin’s performance during recent market volatility has caught the attention of investors seeking alternatives to traditional equities. “Bitcoin’s price action this week has been a true testament to its investment case as an emerging store of value and potential for uncorrelated returns,” noted Hernandez from 21Shares.

Gold, traditionally viewed as the premier safe-haven asset, has risen approximately 15% this year as traders and central banks purchase it to hedge against economic and geopolitical uncertainties. Bitcoin’s similar performance pattern during market stress suggests it may be developing comparable characteristics in the eyes of some investors.

Joe Burnett, director of market research at Unchained, observed a potentially significant pattern: “Recalling March 2020, Bitcoin rapidly bottomed and recovered first (before U.S. equities), a pattern potentially repeating today as Bitcoin hasn’t made new lows since March 11th. This resilience could signal a strategic entry point for long-term investors.”

As traditional markets continue to digest the impact of global tariffs and potential escalation of trade tensions, Bitcoin’s role in diversified portfolios appears to be gaining recognition at the highest levels of government finance—a development few would have predicted even a year ago.

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Mason Drake

Mason has been covering the exciting and fast-pasted crypto space since the early days of Bitcoin. From decentralized finance to NFT trends, he provides deep analysis on where the industry is headed and what it means for investors.

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