The Trump administration’s crypto-friendly policies have boosted digital assets overall, opening pools of capital to the sector, with Bitcoin climbing to an all-time high near $112,000 late on Wednesday.
An increased risk appetite and persistent institutional demand have helped as traditional financial market players embraced the world’s largest cryptocurrency.
It touched a record peak of $111,988.90 and was last up 0.4% at $111,259. Since the beginning of the year, bitcoin has advanced more than 18%.
Bitcoin’s rally also spread to other cryptocurrencies.
Ether, the second-largest digital currency in terms of market capitalisation, also rallied, hitting a one-month high of $2,794.95. It last traded up 5.4% at $2,740.99.
Other crypto-related stocks also gained. Strategy co-founded by the leading voice in the bitcoin treasury movement, Michael Saylor, rose 4.7% to $415.41, while Coinbase Global advanced 5.4% to $373.85.
A Reuters report quoted the founder and CEO of Professional Capital Management, Anthony Pompliano, in a letter to investors on Wednesday, saying, “Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size.”
“There were few sophisticated capital allocators who could gain exposure when bitcoin had $100-200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”
Trump Media & Technology Group, run by the U.S. president’s family, is looking to launch an exchange-traded fund that will invest in multiple crypto tokens, including bitcoin, ether, solana and ripple, according to a filing with the U.S. markets regulator on Tuesday.