Bitcoin hit a fresh record high close to $124,500 early on Thursday as the institutional adoption of crypto and U.S. government support for the sector continued to buoy demand. Bitcoin fell back a bit later in the day but remains up 112% over the past 12 months,

Bitcoin nearly hit an all-time high on Monday as demand from commercial treasury buyers and established investors lifted the digital asset market overall.

In early August, President Donald Trump signed a new executive order to allow alternative assets such as cryptocurrencies into 401 (k)s and other defined contribution plans. By the end of 2025, Bitcoin ( BTC 1.48%) could be on its way to becoming a mainstream retirement asset.