Bitcoin Hits Record High Fueled by Institutional Demand and Crypto-Friendly U.S. Policies
Bitcoin surged to an all-time high on Friday, driven by strong demand from institutional investors and supportive policies from the administration of U.S. President Donald Trump. The leading cryptocurrency reached a peak of $116,781.10 during the Asian trading session, marking a gain of over 24% for the year. It was last traded around $116,563.11.
Joshua Chu, co-chair of the Hong Kong Web3 Association, attributed the record rally to “relentless institutional accumulation,” noting that major investors are buying large amounts of Bitcoin, reducing available supply on exchanges.
In March, President Trump signed an executive order to create a strategic reserve of cryptocurrencies and has appointed crypto-friendly officials, including SEC Chair Paul Atkins and White House AI czar David Sacks. Trump’s family businesses have also entered the crypto space, with the Trump Media & Technology Group planning to launch an exchange-traded fund investing in various crypto tokens, including Bitcoin, according to a recent SEC filing.
Ethereum, the second-largest cryptocurrency, also experienced a strong rise, climbing nearly 5% to $2,956.82 and earlier reaching a five-month peak of $2,998.41.