Over the past year, Bitcoin is up by more than 100% against the US dollar, having gained 15% over the past month and 30% year to date.
However, there have been some turbulent times for cryptocurrency investors, with Bitcoin hitting $100,000 in December 2024, before crashing to under $80,000 in February 2025.
Trump’s presidency has provided a major tailwind to cryptocurrencies thanks to his frequent, vocal, vote of confidence in the asset class. The passing of his ‘Big Beautiful Bill’ has helped spur gains for Bitcoin, with other cryptocurrencies also rallying over the past few weeks.
In addition, Congress is voting this week on the Genius Act, the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act. The passing of these acts would help provide a boost for digital assets.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Bitcoin enthusiasts are benefitting from this upswing in uncertainty about tariffs, and shaky Government finances, amid a fresh show of support for the sector. The crypto currency has raced to a new record, with enthusiasm at fever pitch. It’s heading towards $123,000, jumping more than 2% in a few hours, and is up by more than 10% in a week.
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“Trump has been a cheerleader for crypto, and his promises look set to be incorporated into law. Legislation will be debated in Congress to provide a regulatory framework for the market. It could encourage more companies and financial institutions to hold Bitcoin and other coins.
“One of the other triggers for the flood of money pumping into Bitcoin is Elon Musk’s pledge to set up an America Party. His public fight with the President over his so-called ‘Big Beautiful Bill’ has shone a light onto the US debt mountain. Speculators are piling into crypto amid concerns about an unsustainable US fiscal position and the dented reputation of the dollar, which has fallen 11% against a basket of currencies this year.”
