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 Bitcoin.com.

 

Image courtesy of Worldspectrum/Pexels

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