The price of Bitcoin continues to surge. As of Thursday, it has reached the level of US$112,000, or approximately IDR 1.82 billion, assuming an exchange rate of IDR 16,300. This figure marks a new all-time high.

Although there is an apparent upward trend, the pace of this cryptocurrency’s price increase is considered slower than usual. The rise is largely attributed to growing institutional ownership of digital assets and broader corporate adoption.

Other contributing factors include the easing of trade tensions between the United States and China, as well as Moody’s downgrade of the U.S. sovereign credit rating, which has driven demand for alternative stores of value like Bitcoin.

“Bitcoin’s movement is being fueled by a mix of positive momentum, rising optimism over U.S. crypto regulation, and continued institutional interest,” said James Butterfill, Head of Research at CoinShares, as reported by CNBC on Friday (May 23, 2025).

Historically, Bitcoin tends to correlate with equity markets, especially the tech-heavy Nasdaq index. However, the recent divergence in performance between Bitcoin and equities may indicate that investors are seeking alternative stores of value.

According to data from Bitcoin Treasuries, since the beginning of the year, the amount of Bitcoin held by publicly traded companies has increased by 31%, reaching a value of around US$349 billion. This accounts for approximately 15% of Bitcoin’s total circulating supply.

Support for cryptocurrencies has also been voiced by U.S. President Donald Trump and crypto figure David Sacks. Both have actively promoted a pro-crypto agenda in the United States, further strengthening market confidence in Bitcoin.

This week, the U.S. Senate voted to advance the first-ever crypto legislation, which would establish a regulatory framework. Trump has expressed his desire to see the bill on his desk, ready to be signed into law in August before Congress begins its recess.