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Snapshot 3:Mon, Jul 14, 2025 6:53:22 PM GMT last edited by Brian

Bitcoin Hits Record $120K as Congress Begins Crypto Week

Bitcoin Hits Record $120K as Congress Begins Crypto Week

Above: Signage for Bitcoin at a cryptocurrency exchange in Hong Kong, China, on July 14, 2025. Image copyright: Paul Yeung/Bloomberg/Getty Images

The Spin

ThisPro-free cryptomarket legislationRepublicans, representsled aby historicTrump, opportunityhave tocreated establishthe Americaenvironment asfor the globalrecent leaderrise in digitalcrypto assetsvalue. ClearBy regulatorypushing pro-crypto legislation and stablecoin frameworks, willthey've unleashfostered institutionalinnovation investmentand thatcorporate hasadoption, beenwith sittingfirms onlike theMicroStrategy sidelinesand dueTesla tostockpiling uncertaintybitcoin. TheThis billsvision providepositions necessarythe consumerU.S. protectionsas a crypto leader, boosting economic growth while fosteringrejecting innovationgovernment red tape and surveillance.

TheseThis billslegislation areisn't dangerousaimed giveawaysat toprotecting anaverage industryAmericans withbut insufficientat safeguardsenriching forTrump consumersand his friends while enabling fraud and taxpayerscorruption. Trump'sThese personalbills cryptoweaken investmentsconsumer createprotections, obviousexempt conflictsdecentralized offinance interestfrom thatoversight, compromiseand theprioritize legislativeWall processStreet over small innovators. TheThey rushinvite toa passcrypto thesecrisis, measuresrepeating prioritizespast industryfinancial profitsdisasters while serving Trump’s rentier politics over public protectioninterest.

Both parties are equally as enthusiastic about crypto because they want to enrich their donors and give themselves more power. By legitimizing volatile stablecoins, Congress risks financial crashes and taxpayer bailouts. Crypto's anonymity also fuels crime, not commerce, and its integration into finance, backed by figures like Commerce Secretary Howard Lutnick, creates a dystopian system to monitor and manipulate citizens' economic lives

Metaculus Prediction

There is a 27.5% chance that a retail CBDC (central bank digital currency) will go live in the U.S. and become available for public use before 2031, according to the Metaculus prediction community.


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All rights reserved.

Version 6.17.0