• Bitcoin hits $124K ATH as Trump’s pro-crypto reforms and Fed cut hopes drive investor demand.
• Trump opens 401(k)s to Bitcoin, boosting adoption from the $7.5T US retirement market.
• MAGACOIN FINANCE named top 2025 altcoin presale with $11.7M raised and DeFi-meme hybrid appeal.

Bitcoin surged past $124,000 this week, driven by US policy shifts under President Donald Trump and optimism over a September Fed rate cut.

At the same time, analysts are spotlighting MAGACOIN FINANCE as the best altcoin presale for building cycle-defining portfolios in 2025.

Bitcoin hits record high above $124K

Bitcoin reached $124,457 early Thursday before stabilizing near $121,500, marking a fresh all-time high.

The rally follows a breakout from $116,000 earlier in the week and comes amid growing institutional inflows and increased retail participation.

Ethereum also climbed to $4,700, its highest since late 2021, with the two assets now controlling about 70% of the crypto market.

Bitcoin’s market capitalization briefly surpassed Google’s $2.45 trillion valuation, positioning it as the fifth-largest global asset.

Analysts suggest that consistent 401(k) inflows and treasury allocations from major corporations are adding a steady demand layer.

Citi noted that adoption-driven price action is now backed by tangible policy changes, creating a structural shift in Bitcoin’s growth trajectory.

Trump’s pro-crypto reforms fuel demand

President Trump has accelerated efforts to make digital assets more accessible to US citizens.

Recent changes include SEC regulatory adjustments to support crypto products and legislation for stablecoins.

A new executive order now permits Bitcoin and other cryptocurrencies in 401(k) retirement accounts, unlocking potential demand from the $7.5 trillion US retirement market.

While tariff policies have added pressure to traditional markets, lighter regulations and easier access to crypto are attracting both institutional and retail investors.

MAGACOIN FINANCE rated best altcoin to buy in 2025

As Bitcoin dominates headlines, presale opportunities are drawing attention from strategic portfolio builders.

MAGACOIN FINANCE has been rated by analysts as the best altcoin presale for cycle-defining plays in 2025.

Built on a security-first infrastructure and already exceeding $11.7 million in presale allocations, the project combines meme coin appeal with practical DeFi applications.

Its ongoing presale offers early positioning ahead of expected exchange listings, with forecasts suggesting strong upside potential as adoption scales.

In Sum

Bitcoin’s rally underscores the impact of policy support and macroeconomic shifts on the crypto market.

For investors eyeing diversification, MAGACOIN FINANCE offers an early-stage entry point with strong 2025 potential.

You can learn more about MAGACOIN FINANCE via the official website.

Telegram: https://t.me/magacoinfinance

This article is authored by a third party, and CoinJournal does not endorse or take responsibility for its content, accuracy, quality, advertisements, products, or materials. Readers should independently research and exercise due diligence before making decisions related to the mentioned company.

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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May 30, 2025

Nigel Farage, leader of Britain’s Reform Party, has thrown his full backing behind cryptocurrency, unveiling an ambitious pro-crypto legislative plan at this year’s Bitcoin 2025 conference in Las Vegas.

Taking the stage on Thursday, Farage promised that if elected prime minister in the UK’s next general election, scheduled for 2029, his government would champion crypto-friendly reforms.

Waving a draft of the proposed “Crypto Assets and Digital Finance Bill,” Farage declared, “We will campaign for this and we will put it in place when we win the next general election… Bring crypto and digital assets in from the cold.”

UK Bill Proposes 10% Crypto Tax

The proposed bill would significantly lower capital gains tax on crypto from the current 24% to 10%, mandate that the Bank of England create a Bitcoin reserve, and prohibit banks from denying services to individuals or businesses based on their crypto-related activities.

The practice of so-called “debanking” has become a flashpoint in both political and crypto circles.

Farage himself has claimed he was denied bank accounts for political reasons, a grievance he leveraged to connect with the conference’s audience.

“I went to 10 banks, all of whom refused me an account,” Farage told the crowd. “No wonder so many people are going for Bitcoin—because they can’t close you down, and that is the ultimate freedom.”

Farage is no stranger to controversy. He previously led UKIP, the driving force behind Brexit, and has long been a polarizing figure in British politics.

The Reform Party, his current platform, has faced its own accusations of racism, which party leaders have denied.

On Thursday, Farage also announced that the Reform Party now accepts crypto donations via its website, supporting Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC).

The party’s pro-crypto push aligns with a growing global trend among right-wing parties embracing digital assets.

In recent years, politicians in the U.S., El Salvador, and Argentina have advanced similar initiatives, linking crypto’s decentralization ethos with broader anti-establishment narratives.

Farage closed his speech by appealing to the conference audience, framing the Reform Party’s crypto-friendly stance as part of a larger fight for financial freedom.

“It’s about freedom and control of your own money,” he said, “and that’s what we stand for.”

UK to Enforce Mandatory Crypto Trade Reporting

The UK will require crypto firms to collect and report detailed customer information on every trade and transfer starting January 1, 2026, as part of a sweeping effort to strengthen tax compliance and oversight in the digital asset sector.

According to a recent statement from HM Revenue and Customs (HMRC), the new rules will mandate that platforms record full names, home addresses, and tax identification numbers for all users.

Each transaction must also be logged with specifics such as the cryptocurrency used and the amount transferred.

The reporting obligation extends beyond individual users to include companies, trusts, and charities engaged in crypto activity.

Firms that fail to comply or submit inaccurate data may face penalties of up to £300 ($398) per user.

A senior European Central Bank (ECB) official said that President Donald Trump’s aggressive push for crypto adoption could fuel financial instability and urged EU policymakers to strengthen their regulatory stance to mitigate potential fallout.

François Villeroy de Galhau, Governor of the Bank of France and a member of the ECB’s Governing Council, said in an interview with French news outlet La Tribune Dimanche that the US “risks sinning through negligence” by prioritizing crypto-friendly policies without adequate oversight.

He argued that by “encouraging crypto assets and non-bank finance,” the US is “sowing the seeds of future upheavals,” adding that financial crises have historically “often originated in the United States and spread to the rest of the world.”

Villeroy de Galhau’s comments reflect a growing concern among European regulators over Trump’s pivot toward digital assets. Since returning to office, the Trump administration has taken a series of steps to integrate crypto into the financial system.

These include signing an executive order establishing a Strategic Bitcoin Reserve, forming a Presidential Working Group on digital assets, and pushing for legislative reforms that would roll back Biden-era restrictions on crypto banking.

ECB’s growing criticism

The ECB has repeatedly cautioned against the risks of a pro-crypto economic policy, warning that a lack of regulatory safeguards could trigger market turbulence. In a report last year, the central bank criticized the speculative nature of crypto, labeling them as “highly volatile and unsuitable as a reliable form of money.”

ECB President Christine Lagarde has also been vocal about the dangers of large-scale crypto adoption, previously describing Bitcoin as “a speculative asset with no intrinsic value” and cautioning that unregulated digital assets could undermine financial stability.

Earlier this year, the ECB announced a two-phase initiative to develop blockchain-based settlements, signaling its preference for a controlled, state-backed approach to digital assets. The plan includes establishing central bank digital currency (CBDC) called the digital euro, which the bank argues would provide a safer alternative to privately issued cryptocurrencies.

Despite Trump’s pro-crypto stance, financial markets have responded with volatility. Bitcoin recently tumbled below $80,000 — down over 25% from its January high of $109,000 — amid investor uncertainty over US economic policies. Equities have also taken a hit, with the S&P 500 falling more than 10% from its February peak after Trump threatened to impose 200% tariffs on European spirits.

Europe bracing for economic impact

Villeroy de Galhau urged European leaders to “strengthen their negotiating position” against the U.S., arguing that Trump’s economic policies are based on a “false vision” of the global economy as a zero-sum game. He warned that Europe should not be complacent in the face of Washington’s shifting financial landscape.

As the ECB moves forward with its digital payments infrastructure, European regulators appear to be positioning themselves as a counterbalance to the US’ deregulated approach. The divide highlights a fundamental clash in financial philosophy — one that could shape the future of global markets.

Mentioned in this article

Several members of Donald Trump’s cabinet have significant Bitcoin holdings, with their combined investments valued in the millions, according to their financial disclosure reports.

These disclosures show that cabinet members have gained exposure to Bitcoin through direct purchases on crypto exchanges and investment vehicles like exchange-traded funds (ETFs).

The presence of crypto-friendly figures in the administration aligns with Trump’s goal of positioning the US as a dominant force in the digital asset industry.

During this short term of his presidency, Trump has introduced several policies, including plans for a Strategic Bitcoin Reserve, to strengthen America’s foothold in the sector.

Key cabinet members with their Bitcoin holdings

Robert F. Kennedy Jr. (Health and Human Services Secretary)

Kennedy holds the largest Bitcoin investment among cabinet officials, reporting a Fidelity crypto account valued between $1 million and $5 million.

He has been vocal about his support for Bitcoin, previously stating that a significant portion of his personal wealth is in the asset.

Kennedy previously advocated for the US Treasury to acquire Bitcoin as a hedge against inflation, proposing a strategy to accumulate 550 BTC daily until the nation holds 4 million BTC in reserve.

Scott Bessent (Treasury Secretary)

Bessent’s financial report lists BlackRock’s iShares Bitcoin Trust ETF investment worth between $250,001 and $500,000 in his portfolio.

However, as outlined in his ethics agreement, he has agreed to divest from these holdings within 90 days of his confirmation.

In past statements, Bessent described Bitcoin as an investment option for younger, disillusioned investors in the traditional financial system.

Sean Duffy (Transportation Secretary)

Duffy disclosed multiple Bitcoin investments, including direct holdings valued between $250,001 and $500,000. He also stated that he has Bitcoin stored in a Gemini wallet within the same value range.

Additionally, he has a $50,001 and $100,000 stake in the Fidelity Wise Origin Bitcoin Fund.

Other cabinet members with minimal Bitcoin exposure include the following:

• Russell Vought (Office of Management and Budget Director): Holds Bitcoin in a Coinbase wallet valued between $1,001 and $15,000 and has committed to divesting.
• Tulsi Gabbard (Director of National Intelligence): Owns both a Bitwise Bitcoin ETF Trust investment and direct Bitcoin holdings, each valued between $15,001 and $50,000. She has pledged to sell these assets.
• Pete Hegseth (Defense Secretary): Reported Bitcoin holdings within the $15,001 to $50,000 range.

Ethics concerns

These government officials’ substantial Bitcoin holdings raise ethics concerns, considering the Trump administration’s pro-crypto approach to governance.

US lawmaker Elizabeth Warren recently warned that the Trump administration’s “actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families.”

Mentioned in this article