Bitcoin's price surged to a record high of over $123,000, driven by increasing political and institutional support in the United States. The rise comes at the beginning of "crypto week" promoted by the Trump administration, aiming to integrate digital assets into the financial system. The introduction of the Genius Act in the House of Representatives could allow banks to issue stablecoins, enhancing cryptocurrency adoption. Despite the surge, central banks express concerns over stablecoins, particularly regarding systemic risks associated with their proliferation.
Bitcoin surged to a record high on Monday, topping $123,000, as investors reacted to growing political and institutional support for cryptocurrency in the United States.
The price of the world's leading cryptocurrency has risen more than 30% since the start of the year, buoyed by record inflows into bitcoin exchange-traded funds and anticipation of regulatory clarity.
President Trump has taken a markedly pro-crypto stance in recent months, positioning digital assets as a pillar of American innovation and financial leadership.
The Genius Act, if passed, would allow traditional banks to issue their own stablecoins, potentially paving the way for mass adoption and a significant shift in how cryptocurrencies are integrated into the broader economy.
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