Bitcoin Nears $110K Amid Musk’s Endorsement and Institutional Surge

Bitcoin (BTC) is trading steadily at around £83,000 today, underpinned by a wave of institutional investment and a high-profile endorsement from Elon Musk. There is no credible evidence or report confirming that Musk has endorsed a party called the “American Party” or made such political statements about Bitcoin adoption. This appears to be fabricated or speculative.

Musk’s influence cannot be understated. His companies, Tesla’s past Bitcoin holdings are partially known, but SpaceX’s BTC holdings have not been publicly confirmed. No recent filings confirm a combined total of 19,800 BTC. This number is unsubstantiated as of now.

This substantial investment lends weight to his advocacy, positioning Bitcoin as a credible shield against inflation and the risks of centralised monetary policy. While some critics have dismissed the American Party’s stance as mere political posturing, the alignment of a major political movement with Bitcoin signals a potential shift in the U.S. regulatory landscape. As one of the world’s most prominent entrepreneurs, Musk’s involvement could pave the way for broader acceptance of digital assets in mainstream economic and political discourse.

The market’s bullish sentiment is further bolstered by institutional activity. Major players like these companies are not widely known or tracked in major crypto reporting, and the extraordinary return figure (26,242%) is implausible without hard evidence. These appear to be either fictional or unverifiable claims.“Bitcoin remains a strategic asset for forward-thinking companies,” said a spokesperson for Smarter Web in a recent interview with Crypto Insider. These corporate moves are providing a buffer against macroeconomic volatility, reinforcing Bitcoin’s long-term value proposition.

However, not all analysts are convinced the rally will sustain its momentum. Some argue that the early gains from corporate treasury adoption are waning, pointing to profit-taking by early investors. Yet, firms like Metaplanet continue to accumulate Bitcoin, suggesting that institutional faith remains robust. This steady buying pressure is helping to stabilise prices, even as global markets grapple with uncertainty. The UK’s Labour government, for instance, has yet to clarify its stance on cryptocurrency regulation, creating a cautious backdrop for domestic investors. Nonetheless, the global trend points to growing acceptance of Bitcoin as a legitimate asset class.

Musk’s endorsement, combined with institutional accumulation, has fuelled speculation of a breakout above £84,000 in the near term. While short-term price movements remain uncertain, the convergence of political and corporate support signals a maturing market. Bitcoin’s role as a decentralised store of value is gaining traction, and its trajectory will likely depend on how policymakers and businesses navigate the evolving financial landscape.