Bitcoin Skyrockets Past $111,000, Reaches All-Time High on Stablecoin Legislation Momentum and Institutional Buying

Key Moments:

Bitcoin Jumps Past Previous Peak Amid Legislative Tailwinds

Bitcoin climbed beyond the $111,000 mark on Thursday. The surge eclipsed its previous record of around $109,000 and was driven by expectations that the GENIUS Act, a landmark bill that is set to establish the first national stablecoin framework under President Trump’s administration, will be passed by US lawmakers.

GENIUS Act Enthusiasm Spurs Confidence

The GENIUS Act gained traction earlier this week progress was made towards the bill’s passing. The catalyst was multiple Senate Democrats’ withdrawal of their opposition, who were originally against the new piece of legislation due to potential conflicts of interest surrounding the cryptocurrency ventures of President Donald Trump and his family.

Now, traders anticipate that the bill may reach Trump’s desk by the end of this week. The GENIUS Act proposes rules to safeguard stablecoin holders and aims to prevent misuse related to illicit activities and the financing of terrorism. The Trump administration’s crypto policy and a senior AI adviser, David Sacks, told CNBC that passing the stablecoin bill could result in immense demand for US debt in the ballpark of trillions.

Institutional Momentum Accelerates

Significant institutional capital inflows also boosted the latest BTC jump. Strategy, a firm led by prominent Bitcoin advocate Michael Saylor, revealed a fresh Bitcoin acquisition this week, purchasing $765 million worth of the cryptocurrency on Monday. The company now owns over $63 billion in BTC.

In addition, JPMorgan, BlackRock, and Morgan Stanley have been among the major banking institutions to invest in their crypto-related services, reinforcing the growing footprint of institutional players in the digital asset space.