Bitcoin’s value is closer to its high price of $ 108,786 on Monday, as the US Congress is expected to discuss a landmark Cryptocurrency draft bill this week.
The world’s leading cryptocurrency is currently price for nearly $ 103,000, expanding the gains it has achieved in the last two weeks.
Its price increase is linked to renewed fear of inflation in the United States, with key imports on key imports to the country coming back to discussion.
The Senate is also expected to discuss a landmark Cryptocurrency draft bill this week, which would create the first US regulatory framework for stablecoins.
These are cryptocurrencies tied to USD, such as Tether and USD coin (USDC), which offers a more stable alternative to volatile cryptocurrencies like Bitcoin.
It is unclear whether the bill has a majority support in the US House, but experts believe it represents a breakthrough in conversations about cryptocurrency legislation.
The bill must pass a 60 votes threshold, and many Democrats said they have to review the revised text before committing.
However, it is already facing opposition from several Democrats, including Senator Elizabeth Warren, who raised concern that the draft bill “does not include any provision to prevent the Trump and the Trump family from tearing in huge amounts of money from their corrupt cryptocurrency schemes”.
Mrs. Warren’s bank committee also circulated another memo on Thursday and warned that “many of the new changes are figures for significant deficiencies that are jeopardizing consumer protection and national security”.
In the midst of these observations, Bitcoin rose to as high as $ 107,000 on Sunday, before consolidating at its current price the following day.
The company’s demand for Bitcoin seems to be rising.
JPMorgan -analysts tilted from gold to bitcoin and predicted that Cryptocurrency’s award could surpass gold for the rest of the year.
Strategy, the largest company’s Bitcoin holder with a total inventory of 568,840 BTC, announced last week that it acquired another 13,390 BTC for approx. $ 1.3 billion
Several other companies have adopted Bitcoin or advertised plans to acquire it as a strategic reserve asset.
“I really understood Bitcoin in 2011-2012, and in all these years the Bull case has never been stronger,” Posted David Marcus, the former President of Paypal, recently at X, and urged people to “tighten up”.
Global economic trends also appear to have contributed to Bitcoin’s rally.
Although the American Federal Reserve has kept interest rates unchanged at approx. 4.25 percent to 4.50 percent, inflation is still a problem as new trade policies come into force.
Walmart announced that the product prize is rising this month after the roll -out of President Trump’s Tarrifs.
“The size and speed that these prices come to us are something unprecedented in history,” said Walmart Director John David Rainy.
These changes can further strengthen Bitcoin’s appeal among investors as an inflation hedge, experts say.