Bitcoin Eyes $120,000 as US and Arizona Drive Crypto Adoption and Mining Centralization

Bitcoin is capturing headlines with bold new forecasts and legislative moves that could reshape the cryptocurrency landscape. Standard Chartered projects a record-breaking surge for Bitcoin, while Arizona lawmakers push for unprecedented state-level crypto reserves. Meanwhile, the U.S. cements its dominance in mining/" onclick="event.preventDefault(); var width = 350; var height = 600; var left = Math.max(0, (window.innerWidth - width) / 2 + window.screenX); var top = Math.max(0, (window.innerHeight - height) / 2 + window.screenY); window.open(this.href, 'newwindow', 'width=' + width + ',height=' + height + ',scrollbars=1,left=' + left + ',top=' + top); return false;">Bitcoin mining, raising both opportunities and regulatory concerns. Explore how these developments are fueling market momentum, institutional interest, and debates over the future of digital assets.

Bitcoin Set to Reach New Highs: Standard Chartered Predicts $120,000 in Q2

According to Geoff Kendrick, global head of digital assets research at Standard Chartered, Bitcoin is expected to reach a new all-time high of $120,000 in the current quarter. Kendrick maintains a year-end forecast of $200,000 for the cryptocurrency. He attributes this anticipated surge to several factors, including economic uncertainties, policy shifts, and increased investor demand. The recent rotation of investments from gold ETFs into Bitcoin ETFs is seen as a sign that investors are beginning to view Bitcoin as a superior safe-haven asset compared to gold.

US investors have shown increased interest in Bitcoin following President Donald Trump’s announcement of a 90-day delay on most reciprocal duties on April 9. Since then, Bitcoin has outperformed tech stocks, rising 24% from its 2025 low of around $76,000 on April 8. Large holders, or “whales,” have also been accumulating Bitcoin during this period. Kendrick suggests that upcoming 13F filings from US ETFs in mid-May could reveal growing institutional support, particularly from pension and sovereign wealth funds. Additionally, potential stablecoin legislation this summer could further boost the crypto market.

• Economic uncertainty and policy shifts are driving demand for Bitcoin.
• US investors are increasingly seeking non-US assets, with Bitcoin outperforming tech stocks since April 9.
• Institutional support is expected to grow, with pension and sovereign wealth funds potentially increasing their Bitcoin holdings.

Source: Business Insider

"While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing." – Geoff Kendrick, Standard Chartered

Summary: Standard Chartered projects a strong rally for Bitcoin, with a Q2 target of $120,000 and a year-end forecast of $200,000, driven by economic uncertainty, policy changes, and growing institutional interest.

Arizona Lawmakers Approve Strategic Bitcoin and Crypto Reserve Bills

Arizona is on the verge of becoming a pioneer in state-level cryptocurrency regulation and investment. The state’s House of Representatives has passed two significant bills: Senate Bill 1025, known as the "Arizona Strategic Bitcoin Reserve Act," and SB1373, which establishes a "Digital Assets Strategic Reserve Fund." SB1025 allows the state treasurer and retirement systems to invest up to 10% of public funds in virtual currencies, specifically Bitcoin. SB1373 creates a fund to hold digital assets, including those seized through criminal proceedings, and ensures that appropriated funds do not expire at the end of the fiscal year.

Both bills passed the House on the same day, with SB1025 approved by a 31-25-4 vote and SB1373 by a 37-19-4 vote. The Arizona Senate had previously passed both bills on February 27. If signed into law by Governor Katie Hobbs, Arizona could become the first state to fully integrate crypto into its finances. However, the governor’s approval remains uncertain due to ongoing budget negotiations and political tensions. A separate proposal to include Bitcoin ETFs in the state’s retirement plan portfolio for government workers was also introduced in March, and another bill to protect Bitcoin miners and blockchain node operators advanced earlier this month.

• SB1025 permits up to 10% of public funds to be invested in Bitcoin.
• SB1373 establishes a fund for digital assets, including seized assets and legislative appropriations.
• Arizona could become the first state to solidify crypto regulation and investment at the state level.
• Governor Hobbs has not yet made an official statement regarding the bills.

Source: Decrypt

Summary: Arizona is poised to lead in state-level crypto investment and regulation, pending the governor’s approval of two complementary bills that would allow significant public investment in Bitcoin and other digital assets.

Bitcoin Price and the U.S. Strategic Crypto Reserve: Market Reactions and Future Implications

The announcement of a U.S. strategic bitcoin reserve has generated optimism among crypto enthusiasts, but the immediate impact on Bitcoin’s price has been limited. Despite recent trade war and tariff news affecting markets, industry experts believe the long-term effects could be substantial. The United States currently holds the most Bitcoin of any country, although private holders still possess the majority of the supply.

Recent market activity has seen Bitcoin prices rebound to $94,000, with inflows into Bitcoin ETFs recovering after tariff-related comments. The dollar and S&P 500 have experienced declines, while both gold and Bitcoin have risen as investors move cash out of U.S. assets. Analysts warn that Bitcoin faces a “critical time,” with potential for a drop to $73,000, but also note the possibility of a “flywheel effect” that could drive prices higher as institutional and government interest grows.

• The U.S. holds the largest government-owned Bitcoin reserves globally.
• Private holders still control the majority of Bitcoin supply.
• Market volatility is influenced by trade policy, tariffs, and institutional flows.

Source: Investor's Business Daily

Summary: The U.S. strategic bitcoin reserve has yet to significantly move the market, but experts anticipate a long-term impact as institutional and government involvement increases, with Bitcoin prices showing resilience amid policy-driven volatility.

Bitcoin Mining Centralization in the U.S.: Opportunities and Risks

A study by the Cambridge Centre for Alternative Finance (CCAF) reveals that the United States now controls as much as 75.4% of global Bitcoin mining hashing power, equivalent to approximately 600 exahashes per second (EH/s) out of a global total of 796 EH/s. This marks a significant shift from 2019, when China dominated with 65–75% of the global hashrate before its 2021 mining ban. The U.S. has become the largest global mining hub, driven by pro-business policies and abundant energy resources.

Howard Lutnick, U.S. Secretary of Commerce and former CEO of Cantor Fitzgerald, has outlined plans to further accelerate U.S. mining through streamlined permits and off-grid power plant construction. While this centralization has fueled growth, it also raises concerns about potential risks. A future U.S. administration could leverage this concentration to regulate or manipulate the network, possibly using executive powers to censor transactions. However, the federal structure of the U.S. may provide some resistance to overreach, as states with significant mining activity could push back against federal intervention.

• The U.S. now dominates global Bitcoin mining, raising centralization concerns.
• China previously held 65–75% of hashrate before its 2021 ban.
• Centralization could make the network vulnerable to regulatory intervention.
• States’ rights may help resist federal overreach in mining regulation.

“The U.S. has solidified its position as the largest global mining hub (75.4% of reported activity),” – Cambridge Centre for Alternative Finance

Source: Bitcoin Magazine

Summary: The U.S. now controls over three-quarters of global Bitcoin mining, presenting both opportunities for growth and significant risks of centralization, with future regulatory actions remaining a key concern for the industry’s resilience.

Einschätzung der Redaktion

Die Prognose eines Bitcoin-Preises von $120.000 im laufenden Quartal und $200.000 bis Jahresende unterstreicht die zunehmende institutionelle Akzeptanz und die wachsende Bedeutung von Kryptowährungen als strategische Anlageklasse. Die Verschiebung von Kapital aus traditionellen sicheren Häfen wie Gold in Bitcoin-ETFs signalisiert einen Paradigmenwechsel im Anlegerverhalten und könnte die Marktstruktur nachhaltig verändern. Die erwartete Beteiligung großer institutioneller Investoren, darunter Pensions- und Staatsfonds, deutet auf eine fortschreitende Professionalisierung und Stabilisierung des Marktes hin, birgt aber auch das Potenzial für erhöhte Volatilität bei regulatorischen oder politischen Veränderungen. Die Entwicklung von Stablecoin-Gesetzen und die Integration von Bitcoin in staatliche Reserve- und Investmentstrategien könnten die Legitimität und Akzeptanz digitaler Assets weiter stärken, gleichzeitig aber auch neue Herausforderungen im Hinblick auf Regulierung und Markttransparenz schaffen. Die starke Zentralisierung des Bitcoin-Minings in den USA eröffnet Chancen für wirtschaftliches Wachstum, erhöht jedoch das Risiko politischer Einflussnahme und regulatorischer Eingriffe, was die Dezentralität und Widerstandsfähigkeit des Netzwerks langfristig beeinträchtigen könnte.

• Institutionelle Nachfrage und politische Entwicklungen treiben die Marktdynamik.
• Bitcoin etabliert sich zunehmend als strategischer Vermögenswert und potenzieller sicherer Hafen.
• Regulatorische und politische Risiken bleiben trotz positiver Prognosen ein zentrales Thema.
• Die Zentralisierung des Minings in den USA birgt Chancen und erhebliche Risiken für das Netzwerk.

Sources:

• Why a top bitcoin bull says the token is about to notch a fresh record of $120,000
• Arizona Lawmakers Approve Complementary Bitcoin, Crypto Bills
• Why bitcoin could hit $180K in 2025 as investors eye fresh entry
• $210K target for Bitcoin due to its 'digital gold' status: Presto's Chung
• Bitcoin Price Was Unmoved By The New U.S. Crypto Reserve. The Flywheel Effect Could Change That.
• Bitcoin Mining Centralization In The U.S.: A New Risk For The Industry?