Bitcoin has smashed past the $123,000 mark for the first time, hitting an all-time high of $122,571.19 on Monday before settling slightly lower at $121,488.08, still up 3% for the day. This surge cements Bitcoin’s place among the world’s top financial assets, now boasting a $2.4 trillion market cap — more than Amazon.
According to CoinSwitch, India alone had over two crore crypto investors by the end of 2024, underscoring the growing mainstream appeal of digital assets. The gains are staggering. Consider this: In July 2020, Bitcoin traded around ₹8.7 lakh. Fast forward to 2025, and it’s now priced at ₹1.05 crore per BTC. A ₹1 lakh investment back then would now be worth ₹12 lakh.
What’s Fueling Bitcoin’s Unstoppable Rally?
The 2025 bull run is being powered by a perfect storm of institutional adoption, regulatory clarity, and macroeconomic shifts, says Raj Karkara, COO of ZebPay. “Top asset managers like BlackRock, Fidelity, Invesco, and Franklin Templeton are investing heavily in spot Bitcoin ETFs, making Bitcoin a central pillar of diversified investment portfolios,” Karkara explained.
He also points to regulatory tailwinds, particularly from the U.S. “Laws like the GENIUS Act, enhanced custody regulations, and state-led treasury initiatives are creating a more secure and investor-friendly environment,” he added.
Bitcoin’s rise comes as U.S. lawmakers dive into what’s been dubbed “Crypto Week” in Congress. Multiple pro-crypto bills are on the table, including new stablecoin regulations and a broader crypto market structure overhaul. This comes amid increasing pressure from President Donald Trump and a heavily funded crypto lobbying push.
Trump’s Crypto Pivot
Once a critic of crypto, Trump has now embraced the industry wholeheartedly. His administration is pushing to make the U.S. the global capital of cryptocurrency. The Trump family is reportedly investing across the crypto ecosystem — from mining and stablecoins to meme coins and large Bitcoin purchases.
The crypto industry has made significant inroads into U.S. politics, spending heavily on the 2024 elections and lobbying efforts. Industry leaders argue they were unfairly targeted under Biden, and they’re now reclaiming ground with new regulatory allies.
Spot Bitcoin ETFs launched last year have seen explosive demand. Meanwhile, several public companies have turned to debt and stock issuance to buy and hold Bitcoin as a long-term strategy.
Bitcoin was born out of the 2008 financial crisis and has weathered dramatic price swings in its path to mainstream legitimacy. Its supporters call it digital gold, a scarce asset immune to government manipulation — only 21 million BTC will ever exist.
After dipping below $75,000 in April, Bitcoin’s recent momentum is a reflection of long-term fundamentals aligning with institutional demand, said Adam Back, CEO of Blockstream. “This is exactly what Bitcoin’s fixed supply model was designed to do.”
With strong fundamentals, growing institutional interest, and policy momentum, Bitcoin’s ascent past $123,000 might just be the beginning of an even bigger crypto wave in 2025.