🍕 Bitcoin Hits New ATH on Pizza Day — That’s One Expensive Slice!
Bitcoinites are celebrating Pizza Day with a bang. BTC reached a record high on Wednesday and entered price discovery mode. OG cryptocurrency trades over $110,000 for the first time. While celebrating the first Bitcoin transaction, the crypto community marks the milestone.
Bitcoin's historic gain comes amid seismic shifts that are reshaping financial markets' view of conventional assets.
The 30-year Treasury bond yield temporarily exceeded 5% this week as Moody's lowered the US sovereign debt rating as Congress debated a new tax package that could cut billions in taxes and increase the deficit.
The link between Bitcoin and US stocks is also declining. While Bitcoin hit record highs, the S&P 500 fell 1.61% on Wednesday.
KKR's head of global macro and asset allocation, Henry McVey, wrote earlier this week that asset managers are seeing both their offensive assets and defensive assets (government bonds) drop in value.
BTC beat major US stocks in 2025. The largest cryptocurrency is up 18% year-to-date, while the S&P 500 finished Wednesday at 5844.61, 0.41% below its 2025 starting levels. Gold, the traditional safe-haven, achieved new all-time highs over $3,200 per troy ounce this year and is surging again after a small reversal.
How high can Bitcoin go?
The new record high drives Bitcoin's long-term potential discussion. Skyrocketing price projections are no longer restricted to cryptocurrency enthusiasts and long-term HODLers. Institutional analysts and asset managers are celebrating too.
He continued, "We believe that in some cases, government entities hold MSTR to gain Bitcoin exposure where local regulations do not allow direct BTC holdings." In February, Kendrick predicted a BTC $200,000 price objective by 2025.
In April, Cathie Wood's ARK Invest announced lofty Bitcoin price estimates. The investing firm's Research Trading Analyst David Puell established a base case goal of $710,000 for Bitcoin by 2030, with a bull case of $1.5 million or more.
