Bitcoin hits new peak touching $124 500
Image: AFP
Bitcoin hit a new peak during early Asian trading, with the cryptocurrency briefly exceeding $124 500 (R2.2 million) before retreating, driven by favourable US legislation and a rise in US equities.
"The crypto market is enjoying a period of highly favorable fundamentals," said Samer Hasn, senior market analyst at XS.com, AFP reported.
The world's largest cryptocurrency has now risen more than 31% since the start of the year and is up around 60% from April's market lows.
The move strengthens global financial advisory giant deVere Group's projection that Bitcoin could hit $150 000 before the end of 2025.
A combination of unprecedented inflows into US spot Bitcoin ETFs, balance-sheet allocations from major public companies, pro-Bitcoin policies from President Donald Trump's administration, and rising national-level profits from BTC adoption are driving the latest rally.
Nigel Green, the CEO and founder of deVere Group, said: 'We're seeing multiple, powerful forces converging to push Bitcoin to new highs.
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"Institutional capital is pouring in through spot ETFs at record volumes. Public companies are treating Bitcoin as a strategic reserve asset. The White House is actively supporting the asset class. Nation states are already in profit on their Bitcoin positions. These aren't isolated developments; they're part of a deep, systemic shift in the global financial system.'
Green said that while price volatility is inevitable, the structural drivers for Bitcoin remain overwhelmingly positive.
'There will be periods of profit-taking. That's natural in any fast-moving market. But the underlying factors are strong and getting stronger.
'Institutions are committing long-term capital; corporate treasuries are diversifying into Bitcoin; and national adoption is delivering measurable returns. Also, Washington is shifting from resistance to integration. This is why we are currently maintaining our $150 000 target for year-end,' he said.
Meanwhile, El Salvador's government revealed that it holds unrealized Bitcoin profits of more than $468 million. The country's investment of $300.5m is now valued at over $768m, underscoring the potential for sovereign adoption to generate significant returns.
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