Bitcoin Surges 106% to $106,912 After Senate Passes $3.3 Trillion Bill

Bitcoin's price surged to nearly $106,912 following the U.S. Senate's passage of the $3.3 trillion "Big Beautiful Bill." This legislative action has reignited discussions about fiscal policy and the potential impact of a cryptocurrency bill on the market. The bill's passage has drawn significant attention to digital currencies, particularly as concerns over inflation and national debt rise. Investors are increasingly viewing Bitcoin as a hedge against inflation, which has contributed to its price surge.

The bill, which has yet to be voted on by the House of Representatives, has already had a positive impact on market sentiment, particularly within the multibillion-dollar crypto industry. The market remains dynamic, with investors closely monitoring both the legislative process and macroeconomic data. The dollar has been under pressure due to the bill's substantial federal spending, leading to a surge in Bitcoin prices above $106,000, marking the highest monthly close in history. This bullish trend aligns with Bitcoin's role as an inflation hedge.

Despite the Senate's approval of the bill, it did not include any direct tax relief for cryptocurrencies. Senator Cynthia Lummis's efforts to incorporate de minimis exemptions and simplified staking/mining tax rules were unsuccessful. However, the bill's passage has supported the Bitcoin price, even without direct relief for Americans. The current Bitcoin price hovers around $106,912, with analysts predicting a range between $100,000 and $115,000 in the base case, and up to $143,000 if the $114,000 resistance is breached.

An executive order in March 2025 established a U.S. Strategic Bitcoin Reserve, a government-owned cache of 200,000 BTC. This move aims to bolster confidence in the BTC network and position crypto as an alternative reserve currency. Institutional momentum continues to support Bitcoin, with spot BTC ETFs adding $4.5 billion in July, bringing the total to over $48.9 billion for the quarter. Industry heavyweights like Coinbase have also renewed their focus on crypto, contributing to the positive sentiment among professional investors.

Crypto analysts have had strong reactions to the bill's passage. On social media, Adam Cochran linked the bill to inflation risk and bullish Bitcoin price prospects. Marius @BitcoinTAF tweeted that the bill's passage is better for altcoins. Reddit users expressed disappointment over the lack of crypto tax relief and warned of long-term inflation impacts. The Bitcoin price could rally to $115,000–$143,000 if the bill passes without changes and the Fed keeps rates unchanged. However, if inflation drives rate hikes or crucial tax breaks are removed, near-term volatility could dampen recovery through $105,000–$100,000.

The bill's passage has sparked a mix of inflation hedge, institutional flows, and symbolic national BTC reserves, adding fuel to digital asset narratives. With both Congress and the Federal Reserve considering their next steps, Bitcoin price watchers should expect macro and legislative updates to continue influencing the market. The bill's passage has drawn attention to digital assets, with investors increasingly viewing Bitcoin as a hedge against inflation. The market remains dynamic, with investors closely monitoring both the legislative process and macroeconomic data. The bill's passage has had a positive impact on market sentiment, particularly within the multibillion-dollar crypto industry. The dollar has been under pressure due to the bill's substantial federal spending, leading to a surge in Bitcoin prices above $106,000, marking the highest monthly close in history. This bullish trend aligns with Bitcoin's role as an inflation hedge. Despite the Senate's approval of the bill, it did not include any direct tax relief for cryptocurrencies. However, the bill's passage has supported the Bitcoin price, even without direct relief for Americans. The current Bitcoin price hovers around $106,912, with analysts predicting a range between $100,000 and $115,000 in the base case, and up to $143,000 if the $114,000 resistance is breached. An executive order in March 2025 established a U.S. Strategic Bitcoin Reserve, a government-owned cache of 200,000 BTC. This move aims to bolster confidence in the BTC network and position crypto as an alternative reserve currency. Institutional momentum continues to support Bitcoin, with spot BTC ETFs adding $4.5 billion in July, bringing the total to over $48.9 billion for the quarter. Industry heavyweights like Coinbase have also renewed their focus on crypto, contributing to the positive sentiment among professional investors. Crypto analysts have had strong reactions to the bill's passage. On social media, Adam Cochran linked the bill to inflation risk and bullish Bitcoin price prospects. Marius @BitcoinTAF tweeted that the bill's passage is better for altcoins. Reddit users expressed disappointment over the lack of crypto tax relief and warned of long-term inflation impacts. The Bitcoin price could rally to $115,000–$143,000 if the bill passes without changes and the Fed keeps rates unchanged. However, if inflation drives rate hikes or crucial tax breaks are removed, near-term volatility could dampen recovery through $105,000–$100,000. The bill's passage has sparked a mix of inflation hedge, institutional flows, and symbolic national BTC reserves, adding fuel to digital asset narratives. With both Congress and the Federal Reserve considering their next steps, Bitcoin price watchers should expect macro and legislative updates to continue influencing the market.