Bitcoin Hits Record High of $123,000 Amid U.S. Crypto-Friendly Legislative Momentum
Bitcoin has achieved a new all-time high, surging past $123,000 from $108,000 just a week prior. This remarkable rally cements Bitcoin's position as the fifth most valuable asset globally, boasting a market capitalization of $2.4 trillion — surpassing notable companies like Amazon.
This price boom coincides with an important "crypto week" in the U.S. Congress, where lawmakers are considering a slate of pro-cryptocurrency bills. These include regulations targeting stablecoins and broader reforms aimed at creating a more favorable market structure for digital assets.
Adding to the momentum, former President Donald Trump has expressed strong support for the crypto industry, pledging to establish the U.S. as the global hub for digital assets. His family has significant investments in various crypto ventures, underscoring the growing political advocacy for the sector.
The cryptocurrency industry has become a prominent player in Washington after feeling constrained by prior administration policies. Lobbying efforts are intensifying, aiming to shape favorable crypto regulations.
Bitcoin, originally created in response to the 2008 financial crisis, is increasingly perceived as "digital gold" due to its fixed supply capped at 21 million coins. The introduction of spot Bitcoin ETFs and corporate strategies focused on Bitcoin acquisitions have further elevated institutional demand. This growing institutional interest aligns closely with Bitcoin's fixed-supply economics, reinforcing its status as a store of value.
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