The Bitcoin (CRYPTO: BTC) price surged past US$120,000 (around $183,000) on Tuesday, 15 July, as a series of high-profile regulatory developments in the United States — dubbed "Crypto Week" — brought renewed attention to the world's largest digital asset.
So, what happened during Crypto Week? And could the price of Bitcoin go even higher from here?
Image source: Getty Images
Crypto Week delivers legislative breakthroughs
The US House of Representatives passed its first federal legislation to regulate stablecoins, marking a historic moment for the cryptocurrency industry. As the bill had already passed the Senate with bipartisan support, it will come into effect once signed by the President.
Two additional bills also cleared the House. One outlines a new market structure for cryptocurrencies, while the other would prohibit the US Federal Reserve from launching a central bank digital currency (CBDC). Both bills now await consideration in the Senate.
Although these changes don't directly regulate Bitcoin, they form part of a broader shift in how digital assets are treated in the financial system. The optimism was reflected in Bitcoin's price, which broke through an all-time high during the week.
Trump embraces Bitcoin — and holds it
In a late-night Truth Social post on Sunday, 21 July, President Donald Trump posted a clip from Coin Center's Peter Van Valkenburgh testifying before the Senate in 2018, calling it "the greatest Bitcoin explanation of all time." He urged supporters to watch the full clip.
But that wasn't the only news.
Trump Media, the President's media company, revealed that two-thirds of its liquid assets — some $US2 billion out of $US3 billion — are now held in Bitcoin. The revelation follows a growing trend of publicly listed companies adopting Bitcoin as part of their corporate treasury strategy.
From early adopters like MicroStrategy (NASDAQ: MSTR), to new players like Trump Media, large organisations are beginning to treat Bitcoin as a long-term store of value. Meanwhile, retirement funds and sovereign wealth funds are increasing their exposure through ETFs, contributing to the rising demand for an asset with a fixed supply.
Is Bitcoin finally going mainstream?
While the legislative and corporate activity paints a bullish picture, it's worth noting that regulation alone doesn't guarantee mass adoption. For Bitcoin to become a mainstream financial asset, it must be widely used — not just held by institutions or promoted by political figures.
Legislative clarity may help open doors, particularly for financial institutions and investors who have been deterred by regulatory uncertainty. But it is increased utility, integration, and acceptance across consumer, business, and government sectors that will ultimately define whether Bitcoin crosses the threshold from speculative asset to mainstream instrument.
So, could Bitcoin go higher?
With growing institutional adoption, a friendlier political climate, and legislative momentum, Bitcoin's long-term prospects have arguably never looked stronger.
Still, price action tends to move faster than fundamentals. Volatility remains high, and any shift in macroeconomic conditions or political willpower could swing sentiment quickly in either direction.
In the meantime, Bitcoin will likely continue to spark debate among investors.
