Bitcoin back at $50,500 as $100K level reachable in a year, recent survey shows

Bitcoin (BTC) was trading higher as of Sunday, with U.S. President Joe Biden on the verge of approving a landmark $1.9 trillion stimulus package aimed at easing the crippling effects of the pandemic.

The most popular cryptocurrency is changing hands near $50,500 at the time of this writing, representing a 4% rally, having reached a peak of $51,320 early Monday, based on figures by CoinDesk 20.

Bitcoin has continued to remain a hot subject for debate after a shaky start to the year. A single token cost over $57,000 at one instance in February this year, compared with just over $8,000 about a year ago.

Rising despite pressure

The crypto has drawn the attention of some prominent executives of late, including Tesla CEO Elon Musk. Bitcoin has also been linked to some headline-making investing moments, with Cathie Wood’s Ark Investment Management a prime example, as per Bloomberg.

Bitcoin’s price has moved down from its all-time high of more than $58,000 per coin as of February 21, even as the digital asset managed to wrap up the month 38% higher and outperform its peers.

Improved prospects of fiscal budget look to have put a bid under bitcoin, rousing it from its previous days’ slumber in the range of $49,500 to $46,100. Fiscal spending is inflationary and is normally a good sign for perceived safe-haven assets like bitcoin and gold.

$100,000 level hittable

Meanwhile, as for what’s preventing institutions from pouring money into cryptocurrencies, 35% of 280 respondents from a recent survey of Goldman Sachs’ institutional client base believe that “regulation, internal investment, mandate permissions” are the greatest hurdles to start setting aside a good amount of fiat to digital assets.

Goldman is witnessing a massive institutional demand for the world’s most sought-after crypto, with no indications of abating.

The recent poll by the bank’s digital assets team shows that more than 60% expect to increase their cryptocurrency holdings, while 76% say the price of bitcoin could reach $100,000 in the next 12 months, as per


Image courtesy of Worldspectrum/Pexels

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.