Bitcoin climbed above $123,000 on Thursday, setting a new record, fueled by rising institutional adoption and expectations of monetary easing. An executive order issued last week opened the door for including crypto assets in 401(k) retirement plans, signaling a more supportive regulatory stance in the US. At the same time, bets on the Federal Reserve resuming interest rate cuts have grown, as the latest US CPI report eased concerns over tariff-driven inflation, while signs of a cooling labor market increased the scope for policy easing. Markets are nearly certain of a 25 bps cut in September, with some anticipating a larger 50 bps move. Further boosting Bitcoin’s rally were sustained inflows into spot exchange-traded funds and purchases by public companies following the example of software firm-turned-bitcoin heavyweight MicroStrategy. Since the start of the year, Bitcoin has now gained around 28%.
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