On May 22, Bitcoin celebrated its annual Pizza Day—commemorating the 2010 purchase of two pizzas for 10,000 BTC—by smashing through $110,000, a new all-time high. The rally triggered a market-wide surge, with even former President Trump celebrating on Truth Social: “BITCOIN ALL TIME HIGHS, ENJOY!!”
Key Drivers Behind BTC’s Rally
Hong Kong’s Stablecoin Bill Passes: Approved on May 21, the bill mandates licensing for issuers of HKD-pegged stablecoins, positioning Hong Kong as a regulated hub for digital assets.
U.S. GENIUS Act Advances: The Senate passed the stablecoin framework (66-32 vote), enabling banks to issue stablecoins—a move Bitwise’s CIO calls “more significant than Bitcoin ETFs.”
Macroeconomic Shifts
U.S. Treasury Struggles: A $16B 20-year bond auction yielded 5.047%, signaling waning demand for long-term debt.
Trade War Easibng: China suspended 24% of tariffs on U.S. goods, boosting risk appetite.b
Russia-Ukraine Ceasefire Talks: Reduced geopolitical tensions fueled investor confidence.
Texas’ Bitcoin Reserve Bill: Passed by the state House (101-42), allowing investments in BTC as a strategic reserve asset.
Future BTC Price Predictions
Analysts see further upside amid institutional adoption and macroeconomic instability
Quantile Model: Targets 130K–163K in coming months, with potential for 45%+ rallies akin to Q4 2024.
Arthur Hayes (BitMEX): Forecasts 200K∗∗near−term,∗∗250K by EOY 2025, and $1M by 2028.
Michael van de Poppe (MN Capital): Cites dollar devaluation as a catalyst for $200K BTC.
Anonymous Analysts: Consensus points to 200K–215K in this cycle’s peak.
Notable Events Ahead
Trump’s Crypto Dinner (May 23): Top holders of the TRUMP∗token(whospentupto∗∗37.7M* on entries) will attend an exclusive event, with 25 visiting the White House.
Regulatory Milestones: Watch for Hong Kong’s first compliant stablecoin and Texas Governor Abbott’s decision on the Bitcoin reserve bill.
Why It Matters: Bitcoin’s breakout reflects growing institutional trust, regulatory clarity, and its role as a hedge against fiscal uncertainty. With stablecoins gaining legitimacy and states like Texas embracing BTC reserves, the infrastructure for a multi-trillion-dollar crypto economy is falling into place.
Related Topics:
- Bitcoin Open Interest Hits Record $72 Billion as Institutional Demand Surges
- An American tourist in London was attacked by a fake Uber “devil’s breath”, and $123,000 worth of Bitcoin and XRP were stolen
- Hong Kong has passed a stablecoin bill to establish a licensing system in response to global competition
