Bitcoin now worth more than Amazon: Is the world’s 5th largest asset headed to $200,000?

Dubai: Bitcoin has officially entered uncharted territory, smashing past the $120,000 mark and sparking intense speculation: can the world’s largest cryptocurrency now break the $200,000 barrier?

On July 14, Bitcoin hit an all-time high of $123,165, propelling its market capitalization to $2.39 trillion and making it the fifth most valuable asset globally — ahead of tech giants like Amazon, according to Companies Market Cap.

The rally marks a more than 30% jump since the start of 2025, driven largely by explosive institutional demand, ETF inflows, and favorable US policy shifts.

“Bitcoin is no longer play money for tech nerds – it’s now a structural pillar of global finance,” said Eric Demuth, CEO of Bitpanda, noting that ETF inflows surged by 175% this year compared to 2024.

What’s driving the rally?

• Pro-crypto US legislation: President Donald Trump’s “Big Beautiful Bill”, passed July 1, promises sweeping clarity and support for digital assets, making the US officially "pro-crypto.”

• Inflation hedge appeal: As global debt mounts and fiat currencies weaken — especially the US dollar, which is down over 10% since January — Bitcoin’s fixed supply has made it an increasingly attractive hedge.

• Technical breakout: According to analysts at Coin Bureau, Bitcoin has finally broken above a seven-year trendline, a resistance level that has capped past bull runs.

• Institutional, sovereign demand: Bitcoin is becoming part of national reserves, bank portfolios, and long-term investment strategies. Analysts predict a slow convergence with gold’s $15 trillion market cap.

“We’re not just talking about $100K or $200K anymore,” said Demuth. “We’re heading into a new price regime.”

Market snapshot (as of July 14):

• Bitcoin: $120,857

• Ethereum: $3,036

• Global Crypto Market Cap: $3.78 trillion

• BTC Dominance: 63.7%

• 24h Volume: $282 billion

The broader crypto market has rallied in tandem, with Ethereum hitting a five-month high, and the total market value swelling by $1 trillion in just three months.

Why US dollar matters

Interestingly, while Bitcoin's price in USD is climbing aggressively, gains in euros and pounds are slower. This is largely due to a weakening dollar, which has fallen over 11% in six months — seen by many as a sign of broader economic strain and a possible “bitcoinization” of financial hedging strategies.

Analysts at Kobeissi Letter warned that markets are entering "crisis mode," highlighting Bitcoin's near-vertical price momentum as a global response to declining confidence in fiat currencies.

What's next for Bitcoin?

Bitcoin's trajectory is now fueled by more than hype — it’s tied to regulatory clarity, global economic shifts, and mass adoption by both institutions and sovereign nations.

With sovereign debt ballooning and fiat systems under strain, Bitcoin is increasingly viewed as a cornerstone of the next financial era, not just a volatile investment.

“Bitcoin won’t just be one asset class among many,” said Vijay Valecha, CIO at Century Financial in Dubai. “It could become the backbone of a new digital economy — and a hedge against runaway debt.”

Bottom line? As Bitcoin stabilizes above $120,000, the question isn't whether it can reach $200K — it's whether there's anything left that can stop it.