Bitcoin has reached a record high, surpassing $120,000 ahead of ‘Crypto Week’

Bitcoin has just reached a new all-time high ahead of what some people call Crypto Week.

Ordinarily, crypto week refers to some weeks of the year that are densely packed with crypto events.

But, on this occasion, it’s about something else entirely.

And there’s also more news that made investors feel bullish.

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The likely reason why Bitcoin reached a new all-time high

The term ‘crypto week’ is generally used ahead of weeks with a high concentration of crypto events but, on this occasion, everyone’s using the term to refer to the series of crypto bills that the US House of Representatives will begin deliberating on.

The current US administration did a complete 180 on crypto, favoring crypto adoption, including at the institutional level, which explains the massive bull run that’s still ongoing.

Bitcoin was worth around $60,000-$70,000 ahead of the election in November 2024, it then started climbing setting several new all-time highs in the process, including the latest, earlier this week, at over $122,000.

We can only imagine how the man who lost 8,000 BTC and the guy who spent 10,000 BTC on pizza must feel.

More to the point, we can also imagine how the person who turned $7,800 into $1.1 billion must feel.

What’s making investors particularly bullish?

Historically, Bitcoin price has always been quoted in dollars.

However, Bloomberg Terminal recently adjusted its scale, and it is now showing Bitcoin in millions.

Translated, Bloomberg is no longer saying BTC is worth $122,000, it is instead saying it is worth $0.12 million.

Most analysts and investors agree that BTC will sooner or later be worth $1 million, and Bloomberg is clearly pioneering this viewpoint with its new scale.

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