Bitcoin Rallies to Record High Amid Institutional Interest and Policy Support

Bitcoin achieved a new record high on Thursday, buoyed by increasing demand from institutional investors and favorable policies under U.S. President Donald Trump. In a significant move, Trump signed an executive order in March to create a strategic reserve for cryptocurrencies, positioning the U.S. as a leader in digital asset management.

The administration further bolstered its crypto-friendly stance by appointing key figures, such as SEC's Paul Atkins and White House AI czar David Sacks, who advocate for the integration of cryptocurrency in financial systems. Additionally, Trump's family businesses are exploring opportunities in the crypto market, exemplified by the planned launch of an exchange-traded fund through Trump Media & Technology Group.

This strategic push, combined with a growing interest from institutional investors, propelled Bitcoin to a new peak of $113,734.64, marking a 21% increase in 2023. The world's largest cryptocurrency continues to gain momentum as market confidence in its potential strengthens.

(With inputs from agencies.)