After months of turbulence and adjustments, $BTC finally broke through its previous high early this morning, steadily standing above $110,000. This historic moment once again confirms Bitcoin's distinct cyclical nature—just like the previous downturn from $109,000 to a low of $75,000 mirrors the 2021 pattern of dropping from $64,000 to $30,000.
Despite numerous media outlets continuing to sing the blues about the crypto market for the past few months, claiming 'the bull market is dead, a deep bear is coming', Bitcoin has given them a resounding slap in the face with facts. The 'deep pullback - new high' scenario is playing out once again, but this time, the market structure has fundamentally changed—Bitcoin's market is no longer just a 'hawk catching chicks' game between retail investors and whales; it has upgraded to a strategic competition between nations and institutions. The 'buy more as it rises' strategy of institutions like BlackRock and MicroStrategy indicates that their understanding of Bitcoin far exceeds the internal imaginations of the crypto circle. Cathie Wood from Ark Invest often mentions the targets of 'Bitcoin $1 million, $1.5 million', which may not be a fantasy, and by then, Bitcoin could very well have become a super existence surpassing all assets.
Political Landscape Reshapes Crypto Ecology
Since Trump took office, cryptocurrency has fully entered the 'regular army' era, akin to game characters stepping out of the novice village, with the landscape opened up completely. From Trump issuing personal tokens, creating WLFI, to personally purchasing Bitcoin, these actions are not only to win over crypto voters but also indicate his serious attitude towards viewing Bitcoin as a strategic reserve asset. His son Eric openly admitted to holding a large amount of Bitcoin, which would have been unimaginable in the past American political scene—previously, officials were always reticent about risk assets, while the Trump team has recognized crypto assets as legitimate investment targets like Apple and Nvidia stocks.
What deserves more attention is that Trump's idea of using crypto technology to solve the U.S. national debt issue is starting to materialize. The latest report from Fox indicates that the (Genius Stablecoin Bill) has passed the voting motion and is entering the revision stage, meaning stablecoin legislation is about to be realized. This bill will allow institutional funds to enter the blockchain compliantly—not just liquid funds, but also non-liquid assets like real estate. Through a mechanism similar to 'staking and lending', U.S. debt holders can issue stablecoins on-chain at a 1:1 ratio, achieving doubled capital efficiency with theoretically no risk. If the $37 trillion U.S. debt is fully brought on-chain, it will create dozens of times the upward potential compared to Bitcoin's current $2.1 trillion market cap. This also explains the recent surge in the RWA (Real World Assets) sector.
The Global Crypto Arms Race Begins
This trend is spreading globally: countries like El Salvador have begun to reserve Bitcoin; South Korea's new president Lee Jae-myung is set to introduce a won stablecoin and Bitcoin ETF before taking office; Hong Kong's stablecoin bill is in the third reading phase; even previously strict regions are showing signs of easing, with policy direction shifting from 'total prohibition' to 'systematic planning'. It is foreseeable that in the coming years, countries will enter a new phase of competing for Bitcoin reserves and crypto TVL (Total Value Locked).
However, public awareness domestically still lags behind—after Bitcoin broke $110,000 and topped the trending search today, the comment section was still filled with remarks like 'price without market' and 'scam'. Considering that China was once a global leader in CEX, mining, and computing power in crypto infrastructure, this cognitive gap precisely indicates that there is still significant room for improvement in global crypto consensus. With the evolution of understanding, Bitcoin will eventually be widely recognized as a quality value storage tool, just like gold.
Texas Bill and Market Hotspots
Recent developments show that the Texas Bitcoin Reserve Bill has passed the vote and is awaiting the governor's signature. Given that the governor of Texas is a Republican supporter of crypto, approval is virtually guaranteed. Meanwhile, Binance has launched the WLFI stablecoin USD1, which is seen as solid proof of the Trump family's investment in Binance—previously Binance received a $2 billion investment from Abu Dhabi, reportedly completed in the form of USD1. A significant number of USD1 trading pairs are expected to be opened subsequently.
In terms of market hotspots, projects related to WLFI have taken off: the market value of the meme coin $B included in the WLFI reserve skyrocketed to $260 million; $LISTA , $STO and other WLFI concept coins have seen significant rises; the 'presidential select' sections like ETH and WBTC in the WLFI holding portfolio are also worth noting. Additionally, HYPE surged 15% due to speculative heat, and WLD also performed well after receiving a $130 million investment from a16z. With Bitcoin stabilizing at new highs, the altcoin market seems unstoppable, and an altcoin bull market may be just around the corner.
At this historic moment, we may be witnessing the dawn of a new era—Bitcoin is not just an asset; it is becoming the infrastructure reshaping the global financial system. Investors, please fasten your seatbelts; the real market may just be getting started.
