<ul data-eligibleForWebStory="false">Bitcoin reached a new all-time high above US$112K after a period of stagnation.Elon Musk's America Party voiced support for Bitcoin as an alternative to fiat, calling fiat 'hopeless'.Musk clashed with Trump over the $3.4T spending package, adding drama to the BTC narrative as a hedge.The surge in Bitcoin's price is attributed to Musk's backing and the political turmoil surrounding the Big, Beautiful Bill.