Bitcoin has soared past $120,000 per bitcoin for the first time, rocketing after the chief executive of Coinbase issued a huge prediction.

Forbes’ CryptoAsset & Blockchain Advisor

The bitcoin price has doubled since U.S. president Donald Trump won back the White House last year, with traders betting his support of bitcoin and crypto is about to open the “floodgates.”

Now, as Tesla billionaire Elon Musk confirms a game-changing bitcoin bombshell, the bitcoin price and crypto market is heading into what could be one of its biggest weeks ever.

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U.S. president Donald Trump is expected to score his first big legislative win on crypto policy this week, with Politico reporting House Republicans are poised to accept the Senate’s stablecoin bill.

Branded "crypto week," the House of Representatives is expected to look at three bills that the crypto industry is hoping will establish comprehensive rules for the sector.

Some changes to the Senate’s stablecoin bill have been made, including revised accounting requirements, a provision that would allow for commodity-backed stablecoins, and a language tweak that would require public non-financial companies to get approval from a review committee before they can issue a stablecoin extended to private companies.

The three bills being considered by Congress are the Genius Act stablecoin bill that could go straight to the president’s desk if passed, a crypto market structure bill that would define when a cryptocurrency is a security or a commodity, and an anti-central bank digital currency (CBDC) bill that would prohibit the issuance of a retail digital dollar.

Earlier this year, Shark Tank investor Kevin O’Leary predicted the passage of the Genius Act and the crypto market structure bill would see “trillions” of dollars flow into crypto.

“The minute [the Genius Act is passed], it will signal the move to the next act, the market infrastructure act,” O’Leary said during a crypto conference in comments reported by Coindesk. “And when that is determined and regulated … bar the doors—a trillion dollars will come in and index [bitcoin].”

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Forbes‘A Huge Step’—Coinbase CEO Issues ‘10x’ AI Crypto Prediction As Bitcoin Price Targets $200,000By Billy Bambrough

Meanwhile, traders are cheering the passage of Trump’s signature tax and spend bill that’s expected to drive up risk assets like bitcoin.

“The biggest macro driver is the passing of Trump’s Big Beautiful Bill (BBB), a massive fiscal stimulus package signaling looser policy ahead. Historically, similar environments (such as during COVID) sparked sharp rallies in crypto as excess liquidity flowed into risk assets," Nick Forster, founder of onchain options trading platform Derive.xyz, said in emailed comments.

“While there’s only a 7% chance of a Fed rate cut at the next meeting, the broader rate trajectory is clearly downward over the next 6-12 months. Lower rates make capital cheaper, driving more aggressive positioning in assets like bitcoin."

The crypto market’s move higher has been helped by the slow build of pressure created by bitcoin exchange-traded funds (ETFs) and bitcoin treasury companies led by Michael Saylor’s Strategy, which have been buying up huge swaths of bitcoin and inspiring companies to try creating similar supply pressure by buying ethereum, XRP and others.