Bitcoin has once again taken center stage in global finance, soaring to a historic high of $109,500. This record was set on a wave of optimism triggered by the advancement of stablecoin legislation in the United States and hopes for regulatory clarity if Donald Trump returns to the presidency. According to Bloomberg, the market rally was driven largely by expectations of a political shift in Washington.
Stablecoin Legislation: A Step Toward a New Era
The crypto market was invigorated after a group of Senate Democrats unexpectedly dropped their opposition to a bill regulating stablecoins. The industry-backed bill, seen as a compromise, is now heading to the Senate floor for debate, with a bipartisan coalition aiming to pass it as early as this week.
The revised legislation includes tighter controls on money laundering, applies unified rules to both domestic and foreign issuers, and introduces additional consumer protection measures. Technology companies operating in the digital asset sector are also specifically addressed in the updated provisions.
Trump and the Crypto Industry: An Alliance That Could Change the Game
Michael Novogratz, founder of Galaxy Digital, directly linked the crypto market’s explosive growth to the prospect of Donald Trump’s return and a shift in regulatory approach. In an interview with Bloomberg TV, he stated:
“It’s the shift of approach from Gary Gensler and the SEC to this Trump administration, which has embraced our industry. That freed up the animal spirits both here and abroad.”
The SEC under President Biden has often been criticized for its harsh stance on crypto, accused of stifling innovation. In contrast, a potential Trump administration appears ready to engage more constructively with the industry.
Investor Optimism: Bullish Bets on the Rise
As regulatory momentum builds, options activity has surged. Deribit is reporting record open interest in Bitcoin call options with strike prices at $110,000, $120,000, and even $300,000, all expiring on June 27. According to analytics firm Amberdata, demand for short-dated calls with strike prices above $110,000 has spiked in the past 24 hours.
Despite the volatility, liquidations of both bullish and bearish crypto positions remain moderate—just around $200 million in the past 24 hours, according to Coinglass.
Bitcoin futures traded on the Chicago-based CME Group have seen a 23% rebound from their year-to-date low in April. Meanwhile, U.S.-based Bitcoin exchange-traded funds (ETFs) have attracted over $3.6 billion in inflows in May alone—an indicator of rising institutional interest.
Bitcoin Outpaces Other Risk Assets
Bitcoin has gained about 17% since the start of 2025, outperforming traditional risk assets like U.S. stocks. The Nasdaq 100 index, by comparison, is slightly down for the year.
One of the key drivers behind Bitcoin’s outperformance has been sustained demand from strategic investors, most notably Strategy, the company founded by Michael Saylor (formerly known as MicroStrategy). According to recent data, Strategy has acquired over $50 billion worth of Bitcoin, making it the largest institutional holder of the digital currency.
Bitcoin as Treasury Asset: A Growing Trend
More companies are now following Saylor’s model. Among them is Twenty One Capital Inc., a new venture backed by Cantor Fitzgerald, stablecoin issuer Tether, and Japan’s SoftBank. The firm is set to replicate Strategy’s approach, turning Bitcoin into a strategic reserve asset.
Another example is Strive Enterprises Inc., co-founded by political figure Vivek Ramaswamy. Its subsidiary is merging with Nasdaq-listed Asset Entities Inc. to create a new Bitcoin treasury firm.
Even GameStop, the video-game retailer that became a meme stock sensation in 2021, announced in March that its board had approved the inclusion of Bitcoin in its corporate treasury—a decision that would have seemed unthinkable for a traditional business just a few years ago.
New Crypto Instruments: Bonds, Preferred Shares, and More
The growing interest in crypto is not limited to direct investments. Miners and newly listed public firms connected to the industry are offering a range of investment vehicles—from convertible bonds to preferred shares—allowing investors various ways to gain Bitcoin exposure.
Bitcoin’s historic rally is not merely a result of market hype or short-term speculation. As Bloomberg points out, we are witnessing a structural transformation in how cryptocurrencies are perceived and regulated. With regulatory clarity now on the horizon, especially in the U.S., and growing institutional support, this could be just the beginning of a new era in digital finance.
This article was prepared based on materials published by Bloomberg. The author does not claim authorship of the original text but presents their interpretation of the content for informational purposes.
The original article can be found at the following link: Bloomberg.
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