Bitcoin is nearing its all-time high price of $108,786 on Monday as the US Congress is all set to debate a Cryptocurrency draft bill that will set the regulations for the Cryptocurrency landscape. The discussion is scheduled later this week as the world’s leading Cryptocurrency is currently priced at $103,000. The gains it has made in the past two weeks are rapidly increasing and are expected to reach a record high. The spike in Bitcoin prices is also connected somewhere to the rapidly increasing fears of a possible recession. If you are someone who wants to know more about Bitcoin nearing an all-time high amid US Congressional debate on Cryptocurrency regulation, the following article is for you.
Cryptocurrency Draft Bill Set For Discussion By The Senate
The Senate is going to discuss one of the most important Cryptocurrency Draft bills anytime this week. This bill, if passed, will create the nation’s first-ever regulatory framework for stablecoins. These stablecoins are basically cryptocurrencies that are pegged to the United States Dollar, like Tether and the USD Coin. These cryptocurrencies are relatively more stable when compared to other extremely volatile cryptocurrencies like Bitcoin. Whether this bill has a majority in the US House is not yet known. However, according to the experts, the discussion of this bill is a groundbreaking advancement in the talks related to cryptocurrency legislation.
Are The Democrats Going To Support The Cryptocurrency Draft Bill?
The Democrats have not officially clarified their stand on the Cryptocurrency Draft Bill. The bill will require at least 60 votes to pass, and many Democrats have stated they’ll have to review the revised text before deciding on anything. On the other hand, many Democrats like Senator Elizabeth Warren have already started openly opposing the bill. According to what Elizabeth Warren stated, the bill does not have any provision that can prevent President Trump and his family from making money from their corrupt cryptocurrency schemes. Her Banking Committee staff has also issued a memo stating that the new changes are nothing more than fig leaves for major flaws. These flaws will end up jeopardizing consumer protection as well as national security.
Demand For Bitcoin Rising Amid US Congressional Debate on Cryptocurrency Regulation
Amid the current debate going on over the Cryptocurrency Draft Bill and the speculations related to it, the demand for Bitcoin is rapidly increasing. Its price witnessed a rise as high as $107,000 this Sunday before it ultimately settled on the current price. The analysts from JP Morgan also shifted from gold to Bitcoin and predicted that the prices of the leading cryptocurrency will outshine gold for the rest of 2025.
Strategy, which is reportedly the largest corporate Bitcoin holder with a total holding of 568,840 BTC, also announced it has acquired an additional 13,390 BTC worth approximately $1.3 billion. Many other companies have announced plans to acquire Bitcoin as their strategic reserve asset. David Marcus, who’s the former President of PayPal, has urged people to buckle up as he has never seen the bulk case get any stronger.
Trump Tariffs And Global Economic Conditions Also Contribute To The Rise In Bitcoin’s Demand
The Global economic conditions have also contributed significantly to the rising demand for Bitcoin. The US Federal Reserve did not change the interest rates, but the fears of a possible recession hitting the markets still prevail. Walmart recently announced a rise in its prices, citing Trump’s tariff imposition as a reason. John David Rainey, the CFO of Walmart, mentioned how the speed and magnitude with which these prices are coming to them is somewhat unprecedented in history. The experts believe Bitcoin will serve as an investment hedge during these changes.
