Bitcoin hits another new all-time high

In just under two months since it first crossed $123,000, bitcoin smashed another record, crossing $123,600 for the first time.

A year ago, bitcoin’s price was around $57,000, representing a 117% jump.

Cory Klippsten, CEO of Swan Bitcoin, told Sherwood News that with global debt at record highs and fiat currencies under pressure, bitcoin is increasingly seen as a liquid, non-sovereign reserve asset. 

“We’re watching a shift from speculative trade to strategic allocation, and that’s what will push price beyond prior highs,” he said.

Klippsten added that there’s also a new wave of capital from institutions that ignored bitcoin’s last cycle. 

“Spot bitcoin ETFs have made it possible for pensions, RIAs, and insurance companies to allocate without changing their investing habits. That structural change in access is a major tailwind,” he said.

Bitcoin has a $2.4 trillion market cap, surpassing Amazon’s $2.39 trillion market cap.

Willem Schroé, CEO of Botanix Labs, told Sherwood that bitcoin’s price momentum this week reflects growing global conviction, adding that a potential Fed rate cut is boosting demand from investors for emerging asset classes.

“Strong activity across both US and Asian markets, combined with the rise of bitcoin treasuries, shows this is more than a short-term trend,” Schroé said. “I see this as a signal that bitcoin is evolving from a passive store of value into programmable infrastructure for global finance.”