On Wednesday, Bitcoin took the financial world by storm, skyrocketing to an astonishing new record of $109,900! This leap has made waves across Capitol Hill and Wall Street, signaling a monumental shift in the acceptance of cryptocurrencies.

Just hours after reaching its peak, however, Bitcoin experienced a slight pullback, settling around the $108,000 mark, following a dip in U.S. stocks. But the excitement surrounding the digital currency remains palpable!

What’s driving this bullish trend? It’s a potent mix of newfound legitimacy and political backing. This year, cryptocurrencies, once seen as a fringe asset, are increasingly embraced by lawmakers. A landmark vote in the Senate this week was pivotal, as they moved forward with a bill aimed at establishing a regulatory framework for stablecoins, marking Congressional progress in the cryptocurrency arena.

Moreover, President Trump has not been shy about promoting crypto, directing the Treasury to initiate a Strategic Bitcoin Reserve earlier this year. This kind of endorsement from the highest office is stirring confidence among investors and institutions alike.

Industry giants are also hopping on the crypto bandwagon. JPMorgan Chase's CEO Jamie Dimon, known for his skepticism towards cryptocurrencies, recently announced that the bank would now allow clients to invest in Bitcoin. This follows moves from powerhouses like Morgan Stanley and BlackRock, who have already dipped into their own crypto offerings.

Investors are clearly enthusiastic, as evidenced by the dramatic inflows into Bitcoin ETFs. In just the last month, an estimated $6.5 billion has flooded into BlackRock's iShares Bitcoin Trust (IBIT), according to Bloomberg's ETF analyst Eric Balchunas. This surge has propelled the trust from 47th to an impressive 5th position among U.S. ETFs based on year-to-date inflows.

With this momentum building, the question isn’t whether Bitcoin will continue to rise, but rather how high it can go!