Federal Reserve Governor Christopher J. Waller said Bitcoin “was going to end up being something like electronic gold,” describing the asset as a non-yielding store of value whose price is sustained by collective belief rather than cash flows. The remarks came on October 21, 2025, during a “Crypto in America” livestream, and they track with Waller’s longer-running view that bitcoin functions more like a belief-driven commodity than a payments instrument.

Bitcoin Is ‘Like Electronic Gold’

“Look, I have always argued that Bitcoin was going to end up being something like electronic gold. It’s a store of value. It promises no return. It’s just, you buy it and hold it for some appreciation. That’s exactly what you do. It’s commodities like gold. That’s it. There’s nothing wrong with it. It ha

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