Gary Gensler, former chair of the Securities and Exchange Commission (SEC), stated in a December 2025 Bloomberg TV interview that Bitcoin is the only cryptocurrency that meaningfully resembles a commodity. He cited Bitcoin’s decentralized structure and global recognition as the qualities setting it apart from thousands of other tokens. According to him, most altcoins offer no dividends, cash flows, or underlying business generating returns, making them essentially bets on price movements rather than investments grounded in economic substance. Gensler acknowledged dollar-backed stablecoins as a partial exception to this rule. At the time of the interview, Bitcoin was trading near $92,000.
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