Trump Calls Himself "The President of Crypto" as Bitcoin Surges Past $120,000 Toward New Highs

Bitcoin, the world’s largest cryptocurrency, made history on Monday by surpassing the $120,000 mark for the first time. The digital asset peaked at $122,571.19 before settling at $121,952.61 — a 2.4% gain.

This rally is fueled by a combination of strong institutional demand, optimism about forthcoming pro-crypto legislation in the U.S., and vocal support from former President Donald Trump, who referred to himself as “the president of digital assets” and called for reforms favoring the crypto industry.

The U.S. House of Representatives is set to discuss several long-anticipated bills this week that aim to establish a national regulatory framework for digital assets — a move widely seen as a turning point for the sector.

According to Tony Sycamore, market analyst at IG, Bitcoin is currently riding a wave of bullish momentum. He noted that the strong upward movement over the past week makes it highly plausible that Bitcoin could test the $125,000 level soon.

The rally isn’t limited to Bitcoin alone. Ethereum, the second-largest cryptocurrency, climbed to a five-month high of $3,059.60, while XRP and Solana both rose by 3%.

According to CoinMarketCap data, the total market capitalization of the digital asset sector surged to approximately $3.81 trillion, reflecting increasing investor confidence.

Gracy Lin, CEO of OKX Singapore, said Bitcoin is now considered a long-term reserve asset not just by retail and institutional investors but also by some central banks. She also highlighted growing participation from Asian investors, including family offices and wealth managers, signaling a structural shift in Bitcoin’s role within the global financial system. Lin emphasized that this is no longer just a speculative wave.

Meanwhile, Washington has declared the week of July 14 as “Crypto Week,” during which Congress is expected to vote on several key pieces of legislation, including:

• The Genius Act, to regulate stablecoins

• The Clarity Act, to create a transparent federal framework

• The Anti-CBDC Surveillance State Act, to limit state surveillance through digital currencies

In Asia, particularly in Hong Kong, cryptocurrency-related ETFs have seen a surge in activity. Spot Bitcoin ETFs launched by firms like China AMC, Harvest, and Bosera reached record highs, while Ethereum ETFs from the same providers gained over 2%.

These developments reflect Bitcoin’s growing maturity and global acceptance, with many analysts now predicting that it could soon reach new all-time highs.